Polaris Bank Limited has released its full-year 2020 audited financial report, and it is a generally impressive performance.
According to the record, the bank records 4% increase in Profit Before Tax (PBT) Year-on-Year despite challenging business environment. It’s assets also hit N1.2tr and ROA of 2.4%.
The results which show the Bank’s second year performance scorecard after two years of operation, have further consolidated the Bank’s position as focused on the path of profitability, growth, and value creation.
The Bank recorded Return on Asset (ROA) and Return on Equity (ROE) of 2.4% and 29.4% respectively which favorably place the Bank as a key player in the industry.
The Bank’s Total Assets which stood at N1.18trillion, a 3% growth on the previous year while Shareholders Funds grew by N14billion (17%), largely attributable to internally generated profits.
Reacting to the Bank’s performance, the Managing Director/Chief Executive Officer (MD/CEO) of Polaris Bank Limited, Mr. Innocent C. Ike who took over in the course of the year from Mr. (now Senator) Tokunbo Abiru explained that:
“Polaris Bank has achieved significant milestones since its inception in September 21, 2018 when we started this journey. We have since grown to earn the confidence of the banking publics, offering quality banking services at the cutting edge of technology”.
He equally noted, “2020 was arguably the most challenging year that the world has faced in decades owing to the negative impact of COVID-19 on businesses and the economy.
Yet, the current result demonstrates the importance of the deployment of appropriate strategies, and effectively validates our recent investment in technology solutions and digitization of our products and processes,” he added.
In the view of some financial analysts, Polaris Bank’s remarkable achievements in 2020 are a testament of her consolidation of its 2019 performance, relevance of the Bank’s new Corporate Strategy, management depth and good Corporate Governance.
The Board and Management of Polaris Bank have demonstrated strong commitment towards professionalism and business ethics by upholding sound risk management practices and proactively taking measures to ensure the Bank is on the path of value creation and sustainability.
They will be going into this year, 2021 to reap the benefits of its investment in both digitization and the capacity of its employees to improve service experience.
