Skip to main content

Polaris Bank marks first year operation with N27.8bn profit

By Babajide Komolafe

Polaris Bank Limited has recorded profit before tax of N27.8 billion in its first full year      of operations, which ended December 31st 2019.

The bank in a statement said the sharp improvement in the fortunes of the bank followed from the turn-around initiatives undertaken by the leadership of the Bank led by the Managing Director/Chief Executive Officer, Mr. Adetokunbo Abiru.

According to the bank’s first full year financial result, the bank    posted a gross earnings    of N150.8 bilion, an indication of the    clear validation of regulatory induced interventions in the nation’s history.

READ ALSO:Keystone Bank’s Obeahon Ohiwerei – The turnaround strategist

The bank also closed the 2019 financial year with Total Assets of N1.1trillion and Shareholders Fund of N83billion. A review of the results shows positive performance across most major key prudential ratios: capital adequacy, liquidity, Non-Performing Loans which is now significantly in compliance with stipulated regulatory requirements.

This result is coming amidst the highly challenging business environment which forced many businesses to cut down on their operating expenses.

The published result shows that Polaris Bank’s Capital Adequacy (14 percent) and liquidity (81 percent) ratios are well above regulatory requirements demonstrating strong prudential compliance and assuring a strong capital buffer, careful liquidity management and resilience.

The bank’s customer deposits stood at N857.9 billion even as the bank continues to focus on stable, low-cost deposits and well-diversified portfolio devoid of high concentration. Likewise, the loan book stood at N261 billion in December 2019 providing the bank with the desired headroom to accommodate the required growth in risk assets to support the nation’s economic growth.
The bank equally recorded a Return on Equity (ROE) and Return on Assets (ROA) of 33 percent and 2.4 percent for the year-end December 2019 respectively.

Commenting on the Bank’s performance, the Managing Director/Chief Executive Officer (MD/CEO) of Polaris Bank Limited, Mr. Adetokunbo Abiru said: “The emergence of Polaris Bank on September 21, 2018, has heralded a new dawn as it laid the foundation for institutional competitiveness and service innovation in Nigeria’s challenging banking space.”

 

He further noted that    “Our strategy which anchors on rebuilding the franchise and strengthening the balance sheet position provide enablers for ongoing initiatives towards lean operations and efficient balance sheet management devoid of capital erosion risks.

Vanguard

The post Polaris Bank marks first year operation with N27.8bn profit appeared first on Vanguard News.


https://ift.tt/2VQ2jcY by Urowayino Jeremiah via Vanguard News Albert Einstein Fools of Fortune
Labels:

Comments

Post a Comment

Popular posts from this blog

How to jump-start Nigeria economy post-COVID-19 Pandemic

Nwali Tochukwu Watching with consternation the fall out of events, actions, and inactions of our Nigerian leaders on mitigating the negative impact of COVID-19 Pandemic disruptions on our social and economic lives. As a young dynamic business and entrepreneurship writer, and author cum small business owner, what came into my mind as we navigate the storms of COVID-19, was a common English phrase Adages, Proverbs, first recorded in Fuller’s Gnomologia, 1732: ‘A stitch in time saves nine’ which was translated to literally, solve the problems right now! Why procrastinating? If we, as a nation wants to break away from past mistakes, and present mistakes, we should hold the bull by the horn right now. And avoid the roads of political expediency. That is exactly what the stitch in time simply stood for. Promptly address issues posed by Coronavirus. By quickly sewing up of a small hole or tear in a piece of material, so saving the need for more stitching at a later date when the whole ha
2 comments
Read more

Where is Aguleri Located?

Aguleri is a prominent town often associated with the mighty river called Omabala wgiyflows through it. It is home to a lot of great men and women of Anambra Stare - notably Willie Obiano. History had it that it was the cradle of Igbo people established by Eri, son of Had, son of Jacob (you got to read your Bible babe). Where is Aguleri located? It can be foueat the north eastern part of Nigeria. They share boundaries with Kano, Umueri, Anam and Nando httpss://twitter.com/share https://google.com https://www.alexa.com/siteinfo/google.com https://www.quantcast.com/google.com https://sharedcount.com/?url=https://google.com https://www.similarsites.com/site/google.com https://facebook.com https://www.alexa.com/siteinfo/facebook.com https://www.quantcast.com/facebook.com https://sharedcount.com/?url=https://facebook.com https://www.similarsites.com/site/facebook.com https://youtube.com https://www.alexa.com/siteinfo/youtube.com https://www.quantcast.com/youtube.com
Post a Comment
Read more

A lot of people think of actresses as prostitutes ― Joke Lawal

On-the-rise actress, Joke Lawal is living up to the title bestowed on her in 2016 as Nollywood New Bride by White Cowry Awards as the one-time City People Awards nominee is rapidly becoming a force to reckon with in the make-believe world. The Moshood Abiola Polytechnic graduate who dumped her degree in Business Administration in pursuit of her passion for acting in a chat with Potpourri has revealed what she hates about being an actress and what she would love to see a change in the movie-making landscape. ALSO READ:  Buhari urges Nigerians to pray for peace, unity “I would like to change people’s perception of actresses. A lot of people think of actresses as prostitutes, they see us as people who are not worthy of marriage and having a family. If I have the power this is something I will like to change. I will also like to see a change in the way our stories are written and interpreted, and in the quality of our film productions. Another thing I would like to change too is, how po
Post a Comment
Read more