Polaris bank’s FY2020 audited result showed its performance was hit by the impact of COVID-19, however, the banking segment of the group revealed a rise in the top and bottom-line earnings.
Gross earnings down by -14.28% to N129.32bn from N150.85bn in 2019
Profit before tax declined Y-o-Y by -18.76% to N22.21bn in 2020 from N27.34bn in 2019.
Loan impairment charges improved Y-o-Y, declining by -67.10% to N9.06bn in 2020 from N14.13bn in 2019.
Total assets grew marginally by +3.25% to N1.19trn from N1.16trn in 2019.
Customer deposits grew by +6.58% to N914.32bn from N857.89bn in 2019
Loans and advances to customers up by +8.50% to N204.78bn in 2020 from N188.74bn in 2019
Borrowings from local and foreign institutions declined Y-o-Y by -11.42% to N89.39bn in 2020 from N100.92bn in 2019.
Total equity up Y-o-Y by +15.07% to N99.99bn from N86.89bn in 2019.
The cost-to-income ratio rose to 62% in 2020 from 59% in 2019.
The liquidity ratio fell significantly by -44.44% to 45% in 2020 from 81% in 2019.