Polaris Bank reported stable earnings for year ended December 31st, 2020. The bank, which had been shackled by regulatory constraints to its lending, saw a rise in its total asset footing by 3% to N1.18trn and a continuation of its digital transformation strategy.
The baton handover from its erstwhile MD, who is now a Senator, to the unassuming CEO was welcomed by the markets. The Bank adopted an aggressive cost containment strategy enabling it to leverage on revenue growth to remain competitive in an extremely difficult and competitive business environment.
Commercial banks have been on the receiving end of ruthless competition and pricing by telcos in the payment and settlement of transactions in the consumer banking space. The outlook for Polaris in 2021 is much brighter as its intrinsic valuation exceeds its financial value.
In the download, the FDC Think Tank shares its views on Polaris Bank’s 2020 earnings result.
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