Polaris Bank posts ₦27.8billion profit for 2019

Adebayo Obajemu

Polaris Bank has released its first Audited IFRS 2019 financial result, declaring a profit-before-tax of N27.8billion.

The bank’s profitability is attributed to the sound management of the current leadership led by Adetokunbo Abiru.

In the report, Polaris Bank posted a gross earnings of ₦150.8bilion and a profit-before-tax (PBT) of N27.8billion within the first full year of operation.

“The remarkable 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 said.

The bank said it closed the 2019 financial year with total assets of N1.1trillion and shareholders funds of N83billion.

“The result shows that Polaris Bank’s Capital Adequacy Ratio (14%) and liquidity ratio (81%) are well above regulatory requirements demonstrating strong prudential compliance and strong capital buffer, careful liquidity management and resilience,” the statement continued.

“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 N857.9billion even as the Bank continues to focus on stable, low-cost deposits and well-diversified portfolio devoid of high concentration.