Vanguard News
Polaris Bank grows profit with N28.9bn
On
For the second time since I started writing columns for
Vanguard in 1987, an organisation in the public and private sectors has proved me wrong, and I am absolutely delighted to admit it. When Polaris Bank was created out of the ashes of Skye Bank in 2018, I gave the new bank no chance for survival.
Everyone who came within earshot was told to go and withdraw their deposits.
Then the Central Bank of Nigeria, CBN, announced names of the new management and board of directors. It was time to wait and see.
Six Nigerians, have emerged millionaires in the Polaris Bank ‘Save and Win’ grand finale promo draws. The winners are Williams Atinuke, a customer at Ikorodu Local Govt branch; Bello Amthe, a customer of Maiduguri branch and Sani Mohammed, a customer of Kura branch, Kano.
Money
Festus Akanbi’s review of Polaris Bank’s second year performance scorecard shows its improved profitability was driven by the combination of the significant reduction in interest expense due to the bank’s pursuit of low interest-bearing deposits as well as lowering impairment charges on loans and other financial assets
It is a fact that Nigerians and other members of the international community are still settling down to the ‘new normal’, a term used to describe the drastic change in the hitherto conventional ways of doing things.
In Nigeria, both public and private business endeavours are compelled to tune their operations to reflect the realities, which the COVID-19 pandemic and the attendant worsening economic situation have unleashed on the Nigerian people.
ON THE GO
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Polaris Bank posts 4% surge in profit, assets hit N1.2trn in 2020