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    Polaris Bank FY2020 Audited Results: Key highlights

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    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.

    Key Highlights
    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.

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