Polaris Bank sustains profit growth with N28.9 billion (PBT) in 2020 financial year
Details of the results show that its year 2020 performance reflects a 4 per cent Year on Year (YoY) increase in Profit before Tax (PBT).
…Assets hit N1.2tr and ROA of 2.4%
Performance indicates management depth and sustainability
Polaris Bank Limited has released its full-year audited financial results for the year ended December 2020 posting a Profit Before Tax (PBT) of N28.9 billion. The results which show the Bank’s second year performance scorecard after two years of operation, have further consolidated the Bank’s position as focused on the path of profitability, growth, and value creation.
Polaris Bank records N28.9bn gross profit in 2020
On
By Babajide Komolafe
Polaris Bank Limited has recorded Profit Before Tax (PBT) of N28.9 billion in its financial year ended December 2020.
This represents a four percent growth when compared with the N27.83 billion recorded in 2019.
The bank in a statement announcing the financial results for 2020 said that the increase in profitability 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.
The Bank recorded Return on Asset (ROA) and Return on Equity (ROE) of 2.4% and 29.4% respectively which favorably place the Bank as a key player in the industry.
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