Undoubtedly, the COVID-19 pandemic dealt a devastating blow on the economy, and has an adverse impact on businesses both locally and globally. However, despite this, Polaris Bank remains one of the few Financial institutions that has outperformed the environment where it operates. The Bank has maximized all available income sources; while also seeking ingenious means of containing the negative impact of the Coronavirus pandemic.
Under Mr. Innocent Ike’s watch, Polaris Bank Limited has recorded superlative performance as a result of corporate transformation, he enacted in the financial institution. That has helped the Bank build a robust foundation for capital preservation and sustainable profitability.
Innocent C. Ike is the Acting Managing Director/CEO of Polaris Bank Limited. He was appointed by the Board of Directors of Polaris Bank Ltd with the approval of the Asset Management Corporation of Nigeria (AMCON), the Bank’s shareholder, effective 1 September 2020.
Innocent Ike has proven to the world that leadership is a virtue. His leadership style at the banking conglomerate has eased the way it has been running its business, for the profit of the bank and its customers. The Bank has recorded strong business focus, organizational efficiency, innovation and digitization that has provided the winning edge against the emerging disruptions in the Nation’s economy.
Though he came in when the covid-19 pandemic was still ravaging, the Managing Director and Chief Executive Officer of Polaris bank, has ensured the bank leverages on its investment in cutting-edge information technology to harness emerging opportunities and mitigate the disruptive effect of the pandemic on its business.
So far, the bank has recorded impressive financials due to investment in technology infrastructure, comprehensive corporate transformation and a keen focus on customer experience. Apparently, the bank is poised to serve customers with comparative advantage in the Nigerian financial services sector. Its successful turnaround has made it a classic testimony of the improvement of a troubled bank that has come back strong.
Polaris Bank’s retail customer segments and commercial businesses have been thriving and competitive, ensuring that the Bank continues to harness the value of its investments.
He has been running this leadership race with the vision of Polaris Bank to remain on top, with its innovative and digital-led retail scheme. The bank has been a preferred partner that provides superior financial solutions to its customers and one that is not afraid to be different from the pack.
Under his supervision in April 2021, Polaris Bank Limited released its full-year audited financial results for the year ended December 2020 posting a Profit Before Tax (PBT) of N28.9billion. The results, which show the Bank’s second year performance scorecard after two years of operation, have further consolidated the Bank’s position as focused on the path of profitability, growth, and value creation.
According to reports, details of the results show that its year 2020 performance reflects a 4% Year on Year (YoY) increase in Profit before Tax (PBT). The performance according to the financial statements is driven 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. The Bank’s Total Assets stood at N1.18trillion, a 3% growth on the previous year while Shareholders Funds grew by N14billion (17%), largely attributable to internally generated profits. The Bank increased its Customer Deposits by N56billion, predominantly low-cost deposits in spite of difficult economic and industry conditions, and increased its gross loan book by N38biilion reflecting the Bank’s modest and prudent risk strategy to grow its Portfolio of Quality loans for optimal interest income generation.
Commenting on the Bank’s performance, the Managing Director/Chief Executive Officer (MD/CEO) of Polaris Bank Limited, Mr. Innocent C. Ike who took over in the course of 2020 from Mr. (now Senator) Tokunbo Abiru explained that “Polaris Bank has achieved significant milestones since its inception on September 21, 2018 when we started this journey. We have since grown to earn the confidence of the banking public, offering quality banking services at the cutting edge of technology”. Continuing, he noted, “2020 was arguably the most challenging year that the world has faced in decades owing to the negative impact of COVID-19 on businesses and the economy. Yet, the current result demonstrates the importance of the deployment of appropriate strategies, and effectively validates our recent investment in technology solutions and digitization of our products and processes,” he added.
The future of the bank is now very bright, as evidenced by the improved financial ratio it recorded. Observers have said Polaris Bank is a future-determining Bank committed to the delivery of products and services, that will define the industry across all the sectors of the Nigerian economy.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
