Polaris Bank FY2020 Audited Results: Key highlights

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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.