Polaris Bank Limited said it recorded N27.8bn profit before tax in its first audited IFRS 2019-compliant financial result.

A statement on Sunday said the result followed the turnaround initiatives undertaken by the leadership of the bank led by the Managing Director and Chief Executive Officer, Mr Adetokunbo Abiru.

Polaris Bank said in the statement that it recorded N150.8bn gross earnings.

“The remarkable achievements coming in the first year of operations of the institution is a clear validation of regulatory induced interventions in the nation’s history,” it stated.

It stated that it closed the 2019 financial year with total assets of N1.1tn and shareholders’ funds of N83bn.

The result showed that Polaris Bank’s capital adequacy ratio of 14 per cent and liquidity ratio of 81 per cent were well above regulatory requirements, demonstrating strong prudential compliance and strong capital buffer, careful liquidity management and resilience, it added.

According to the statement, the bank’s customer deposits stood at N857.9bn as it continued to focus on stable, low-cost deposits and well-diversified portfolio devoid of high concentration.

It added that the loan book stood at N261bn, providing the bank with the desired headroom to accommodate required growth in risk assets to support the nation’s economic growth.

The bank recorded a return on equity and return on assets of 33.0 per cent and 2.4 per cent respectively for the year ended December 31, 2019, it added.

Commenting on the bank’s performance, Abiru stated, “The emergence of Polaris Bank on September 21, 2018 has heralded a new dawn as it laid the foundation for institutional competitiveness and service innovation in the nation’s challenging banking space.”

He added, “We shall continue to run an ethically governed bank, upholding sound risk management practices and proactively taking measures to mitigate the impact of the adverse business environment while the board and management continue to guide the bank towards a path of sustainable growth.”