Finance

Polaris Bank ended 2020 with N28.9 billion profit

Tuesday, 04 May 2021 05:44
Polaris Bank ended 2020 with N28.9 billion profit

(Ecofin Agency) - Polaris Bank Limited, created from the legacy Skye Bank Plc and backed by the Central Bank of Nigeria, released its audited financial results for the year end 2020. The bank saw a wrapping up of N28.9 billion profit before tax, compared to N27.34 billion in 2019.

Accordding to the financial statement, this performance is driven by the combination of the significant reduction in interest expenses due to the Bank’s pursuit of low interest-bearing deposits as well as lowering impairment charges on loans and other financial assets.

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 public, offering quality banking services at the cutting edge of technology. 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,” said Mr. Innocent C. Ike, Managing Director/Chief Executive Officer of Polaris Bank Limited.

While the bank’s digital transformation remains one of the strong strategies to strengthen its balance sheet, the bank is not cleared off its inherited loan portfolio from Skye Bank Plc. As a result, it had one of the highest non-performing loan ratios in the industry. According Proshare Research in 2019, Polaris Bank’s non-performing loans stood at 46%, which was considerably very high compared to some selected key banks in the industry that barely reached 10%.

With the outlook for the economy looking gloomy - due to, among others, volatility of oil prices that began in the 4th quarter of 2019, the initiative backed by the world bank to disengage from activities, investments that have a negative impact on climate, and the disruption caused by the novel coronavirus - bringing down the non-performing loans ratio to the single digit (6.3% required by the Central Bank of Nigeria) becomes more challenging.

Solange Che



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.