Polaris Bank on Monday released its 2019 financial statements for the period ended 31st December 2019 to the public. According to the consolidated and separate statement of comprehensive income seen by Investogist, the Group reported a gross earning of N147 billion a whooping 301.5% increase from N36.6 billion reported in 2018.
The measure components of the earnings were the interest income and fee & commissions income. The net interest income for the period jumped by 836.3% to N87.797 billion from N9.377 billion in 2018.
On the other hand, fees and commissions income rose by 295% from N2.159 billion in 2018 to N8.536 billion in 2019.
- Read also; CAP Plc Reports 9% Drop in Profit – Posts N456.27 Million PAT in Q1 2020
- Corporate actions for the week ended 25 April 2020
The Group reported a N26.29 billion profit for the period, a massive 820% increase from N2.856 billion in 2018. This profit puts then on per with low cap high performing banking stocks; FCMB Group Plc and Fidelity Bank Plc.
A look at the companies consolidated and separate statement of financial position for the year showed that the total assets dropped marginally from N1.17 trillion in 2018 to N1.16 trillion in 2019. Customers deposit to the bank slightly dropped from N861 billion in 2018 to N857.9 billion 2019
The bank’s total liability dropped from N1.11 trillion in 2018 to N1.07 trillion in 2019 due to a significant drop in the bank’s borrowing from local and foreign investors. The later declined by N36.774 billion from N137.694 billion in 2018 to N100.92 billion in 2019.
The bank’s reorganization reserve remained unchanged at minus N848.017 billion
Recall that the on 21st September 2018, central bank of Nigeria (CBN) revoked Skye bank’s operating License as it has given it to Polaris Bank, a bridge bank created to take over the assets and liabilities of the defunct Skye Bank.
Following this action by the CBN, the Nigeria Stock Exchange (NSE) on 22nd September 2018 suspended trading on the shares of Skye Bank Plc. Subsequently on Wednesday, 21st August 2019 NSE delisted the shares of Skye Bank Plc without any compensation for the shareholders.
Commenting on the Bank’s performance, the Managing Director/Chief Executive Officer (MD/CEO) of Polaris Bank Limited, Mr. Adetokunbo Abiru said that: “the emergence of Polaris Bank on September 21, 2018, has heralded a new dawn as it laid the foundation for institutional competitiveness and service innovation in the nation’s challenging banking space.”
Expressing satisfaction with the Bank’s new corporate governance regime, the Chief Executive Officer noted that “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”
Witten by
Ifunanya Ikueze
