Polaris Bank Limited has released its full-year 2019 audited financial report, and it is a generally impressive performance. According to a copy of the report that was seen by Nairametrics, profit rose by 820.5% to N26.2 billion, up from N2.8 billion in FY 2018. See the key summary below.
Net Interest Income: Polaris Bank’s net interest income in 2019 stood at N87.7 billion as against N9.3 billion in 2018. This represents some 836.3% increase year on year.
Expenses: Meanwhile, administration and general expenses increased in 2019 to N28.8 billion, compared to N8.4 billion during the comparable period in 2018. Employee benefits costs also rose from N6.6 billion in FY 2018 to N26.4 in 2019.
PBT & PAT: The bank recorded a profit before tax of N27.3 billion in FY 2019, as against N2.4 in FY 2018. In the same vein, profit after tax for the period rose by 920.5% to N26.2 billion as against N2.8 billion in 2018.
Note that the improvement in Polaris Bank’s financials happened one year after a decision by the Central Bank of Nigeria to restructure the bank. Known formerly as Skye Bank Plc, the company underwent restructuring and a name change, even as its shares were delisted from the Nigerian Stock Exchange.
Commenting on the bank’s performance, Chief Executive Officer, Polaris Bank Limited, Mr Adetokunbo Abiru, explained that the emergence of Polaris Bank on September 21, 2018, heralded new dawn as it laid the foundation for institutional competitiveness and service innovation in the nation’s challenging banking space.
He said, “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.”