Vanguard News
Polaris Bank records N28.9bn 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 four percent growth when compared with the N27.83 billion recorded in the 2019.
The bank in a statement announcing the financial results for 2020 said that the increase in profitability is driven by the combination of the significant reduction in interest expense due to its pursuit of low interest-bearing deposits as well as lowering impairment charges on loans and other financial assets.
According to the statement, Polaris recorded Return on Asset (ROA) and Return on Equity (ROE) of 2.4% and 29.4% respectively in 2020 which favorably place it as a key player in the industry.
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.
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 four percent growth when compared with the N27.83 billion recorded in the 2019.
The bank in a statement announcing the financial results for 2020 said that the increase in profitability is driven by the combination of the significant reduction in interest expense due to its pursuit of low interest-bearing deposits as well as lowering impairment charges on loans and other financial assets.
According to the statement, Polaris recorded Return on Asset (ROA) and Return on Equity (ROE) of 2.4% and 29.4% respectively in 2020 which favorably place it as a key player in the industry.
Polaris Bank sustains profit growth with N28 9bn (PBT) in 2020 financial year tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.