Polaris Bank records impressive 2019 financial results
ON APRIL 27, 2020
2:08 AMIN BUSINESS
Polaris Bank has released its 2019 financial results after securing the approval of the Central Bank of Nigeria (CBN) to its Annual Financial Statements for its first full financial year of operation. By all objective standards, the results are impressive especially given the legacy constraints under which the institution was birthed.
Strong Profitability and Profit Potential…Polaris Bank remains Systemically Important…
The Annual Financial Statements ending December 31, 2019 show gross earnings of over N150billion, Profit before Tax of N27.83billion and Profit after Tax of N27.35billion showing very strong profitability and profit potential going forward. The bank’s deposits from customers was N857.8billion with Total Assets in excess of N1.14Trillion confirming that Polaris Bank remains a systemically important bank within the Nigerian financial system. The bank’s capital is multiples of the regulatory minimum of N25billion at N82.9billion with a Capital Adequacy Ratio of 14% providing sufficient capital buffers to customers and other counterparties.
Source:https://www.vanguardngr.com/2020/04/polaris-bank-records-impressive-2019-financial-results/
ON APRIL 27, 2020
2:08 AMIN BUSINESS
Polaris Bank has released its 2019 financial results after securing the approval of the Central Bank of Nigeria (CBN) to its Annual Financial Statements for its first full financial year of operation. By all objective standards, the results are impressive especially given the legacy constraints under which the institution was birthed.
Strong Profitability and Profit Potential…Polaris Bank remains Systemically Important…
The Annual Financial Statements ending December 31, 2019 show gross earnings of over N150billion, Profit before Tax of N27.83billion and Profit after Tax of N27.35billion showing very strong profitability and profit potential going forward. The bank’s deposits from customers was N857.8billion with Total Assets in excess of N1.14Trillion confirming that Polaris Bank remains a systemically important bank within the Nigerian financial system. The bank’s capital is multiples of the regulatory minimum of N25billion at N82.9billion with a Capital Adequacy Ratio of 14% providing sufficient capital buffers to customers and other counterparties.
Source:https://www.vanguardngr.com/2020/04/polaris-bank-records-impressive-2019-financial-results/
