Polaris Bank marks first year with N27.8b profit
Polaris Bank Limited released its first audited report at the weekend with a profit before tax of N27.8 billion in its first year of operation.
The result, which posits a compelling narrative in the history of the nation’s banking industry followed from the turn-around initiatives undertaken by the leadership of the bank led by Managing Director, Adetokunbo Abiru.
According to the bank’s first full year financial result released during the weekend, Polaris Bank Limited posted a gross earnings figure of N150.8 billion and a profit before tax of N27.8 billion within the first full year of operations.
The achievements coming in the first year of operations of the institution is a clear validation of regulatory induced interventions in the nation’s history.
The bank also closed the 2019 financial year with total assets of N1.1 trillion and shareholders’ funds of N83 billion. The result shows that Polaris Bank’s capital adequacy ratio, 14 per cent and liquidity ratio, 81 per cent are well above regulatory requirements demonstrating strong prudential compliance and strong capital buffer, careful liquidity management and resilience.
This result is coming amidst the highly challenging business environment which forced many businesses to cut down on their operating expenses.
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 providing the bank with the desired headroom to accommodate required growth in risk assets to support the nation’s economic growth.