TheCable

Polaris Bank has published its first audited IFRS 2019 compliant financial result posting a profit before tax of N27.8 billion.

The bank also reported gross earnings of N150.8 billion its first full year of operation.

Total assets were reported to have stood at N1.1 trillion and shareholders fund at N83 billion.

The published result also showed that Polaris Bank’s capital adequacy (14%) and liquidity (81%) ratios were above regulatory requirements.

The bank’s customer deposits stood at N857.9 billion and the loan book stood at N261 billion in December 2019.

The bank equally recorded a return on equity (ROE) and return on assets (ROA) of 33.0% and 2.4% for the year-end of December 2019 respectively.

Commenting on the bank’s performance, Adetokunbo Abiru, the managing director, said that: “The emergence of Polaris Bank on September 21, 2018, has heralded new dawn as it laid the foundation for institutional competitiveness and service innovation in Nigeria’s challenging banking space.

“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.

“We shall continue to run an ethically governed bank upholding sound risk management practices and proactively taking measures to mitigate the impact of the adverse business environment while the board and management continue to guide the bank towards a path of sustainable growth.”

In 2020, Abiru said the bank is poised to reap the benefits of its investment in both the capacity of its employees to improve service experience as well as in critical infrastructures that will support the digitization of its operations.