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Polaris Bank Celebrates First Year of Operation, Declares ₦27.8billion Profit

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*Capital Adequacy and Liquidity Ratios above regulatory requirements*To reap  benefits of IT investment in 2020

It was cheering news over the weekend as Polaris Bank Limited released its first Audited IFRS 2019 compliant financial result posting a profit before tax of N27.8billion.  The result which posits a compelling narrative in the history of Nigeria’s banking industry followed from the turn-around initiatives undertaken by the leadership of the Bank led by the MD/CEO Mr. Adetokunbo Abiru.

According to the Bank’s first full year financial result released during the weekend, Polaris Bank Limited posted a gross earnings figure of ₦150.8bilion and a Profit Before Tax (PBT) of N27.8billion within the first full year of operations. 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.

The Bank also closed the 2019 financial year with Total Assets of N1.1trillion and Shareholders Funds of N83billion. The result shows that Polaris Bank’s Capital Adequacy Ratio (14%) and liquidity ratio (81%) are well above regulatory requirements demonstrating strong prudential compliance and strong capital buffer, careful liquidity management and resilience.

This result is coming amidst the highly challenging business environment which forced many businesses to cut down on their operating expenses.

The Bank’s customer deposits stood at N857.9billion even as the Bank continues to focus on stable, low-cost deposits and well-diversified portfolio devoid of high concentration. Likewise, the loan book stood at N261billion providing the Bank with the desired headroom to accommodate required growth in risk assets to support the nation’s economic growth.

The Bank equally recorded a Return on Equity (ROE) and Return on Assets (ROA) of 33.0% and 2.4% respectively for the year ended December 31st 2019.

Commenting on the Bank’s performance, the Managing Director/Chief Executive Officer (MD/CEO) of Polaris Bank Limited, Mr. Adetokunbo Abiru said that: “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.”

Expressing satisfaction with the Bank’s new corporate governance regime, the Chief Executive Officer noted that “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.

Polaris Bank’s performance has assured a strong positive outlook for earnings, margins, and profitability improvement in its cautious pursuit of loan growth, a sustained strategy for operational efficiency, funding cost optimization, and efficient deposit mix. The headroom for loan creation no doubt presents an opportunity for improved margins.

Going into the year 2020 and despite the challenging macroeconomic environment, The Bank says it is poised to reap the benefits of its investment in both the capacity of its employees to improve service experience as well as in critical infrastructures that will support the digitization of its operations.

Polaris Bank is a future-determining Bank committed to the delivery of industry-defining products, services, and digital platforms across all the sectors of the Nigerian economy. The Bank is a member of the United Nations Environment Programme Finance Initiative (UNEP FI), which seeks to engage the private sector and the global financial sector to help create a financial sector that serves people and the planet while delivering positive impact.

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Tinubu The Best Thing To Happen To Nigerians, Says Lagos Assembly

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Members of the Lagos State House of Assembly on Thursday listed some achievements of the Bola Tinubu-led administration describing the President as a blessing to Nigeria.

Speaking during plenary, the lawmakers took time to eulogise the President saying he came into office at a time when Nigerians were at a crossroads over the country’s socio-economic status before the 2023 elections.

Raising the motion, Hon. Tobun Abiodun (Epe I) told his colleagues that the policies initiated by Tinubu had begun to yield positive results in less than two years of his being in office.

Tobun noted that the country’s GDP had been boosted following Tinubu’s economic expertise. According to him, this is further reflecting in the current continuous strength of the Naira.

“Currently, the policies are yielding positive results and the Gross Domestic Product (GDP) has increased. The value of naira is gradually gaining strength.

“There is no more fuel scarcity anymore in the country. We need to encourage the federal government to continue on the good pedestrian it started two years ago,” Hon. Tobun said.

In his contribution, the Majority Leader of the House, Hon. Adewale Temitope (Ifako-Ijaiye I) said the President’s steps had shown that he was prepared before he took the baton of leadership.

Temitope said the Federal Government under Tinubu continues to meet the yearnings of Nigerians citing the refineries that are in operation and that have led to drops in the price of Premium Motor Spirit (PMS).

He re-echoed the efforts and sacrifices made by Tinubu, who he described as a true democrat, for the continued successes and strength of the ruling All Progressives Congress (APC) both in the state and the nation.

He said the House remains committed to the ideals of the party, its leadership and the Governance Advisory Council (GAC), a team of elders that continue to guide the party in Lagos.

On his part, Hon. Gbolahan Yishawu (Etim Osa II) praised the President for his fight against insecurity and his reducing inflation.

Contributing to the debate, Hon. Aro Moshood (Ikorodu II), commended the President for the upward review of the country’s minimum wage, his investment drive that has seen the country securing over $40 million and for assuaging the effects of the removal of subsidy.

Speaker Mojisola Meranda expressed optimism that the President would meet the yearnings of Nigerians.

“I know President Tinubu will take us to the Promised Land. When he started, it was rough but it is becoming obvious the policies are yielding results.

“This is a positive result happening within the short time Tinubu came into power. Tinubu’s investment in the security architecture is also yielding results as we have insecurity reducing,” she said.

She directed the acting Clerk of the House, Abubakar Taiwo Ottun, to send a commendation letter to the President acknowledging the positive impact of his policies and programmes.

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Tinubu Approves Retirement Age Increase For Doctors, Healthcare Workers To 65 Years

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President Bola Tinubu has approved an increase in the retirement age for doctors and other healthcare workers from 60 to 65 years.

Dr Mannir Bature, national publicity secretary, Nigerian Medical Association (NMA), made the disclosure in a statement on Wednesday in Lagos.

Bature said the coordinating minister of Health and Social Welfare, Professor Muhammad Pate, has been directed to formally present the approval to the council on establishment through the office of the Head of Service for finalisation.

He said the policy shift was conveyed by Pate during a high-level meeting with the

NMA President, Professor Bala Audu, and key stakeholders in the health sector.

Bature said the meeting also had in attendance the leadership of the Medical and Dental Consultants Association of Nigeria (MDCAN), the National Association of Nigerian Nurses and Midwives (NANNM) and the Joint Health Sector Unions (JOHESU).

He said discussions centred on progress made regarding the welfare of doctors and other healthcare professionals in Nigeria.

According to him, the coordinating minister confirmed that the arrears resulting from the adjustment of the Consolidated Medical Salary Structure (CONMESS) are set for payment.

“The necessary funds have been secured, and disbursement to beneficiaries will commence soon,” he said.

Bature quoted the minister as saying that President Tinubu has approved the correction of consequential adjustments for both CONMESS and the Consolidated Health Salary Structure (CONHESS), arising from the implementation of the new minimum wage.

“The process to effect this correction is at an advanced stage, providing much-needed relief to doctors and other healthcare workers” he said.

He said following an extensive review initiated by the NMA, approval has been granted for the implementa tion of new tariffs for healthcare service providers.

“This will particularly benefit members of the Association of Nigerian Private Medical Practitioners and Nurses (ANPMPN), ensuring better financial remuneration and sustainability for healthcare services nation-wide,” he said.

Bature said the coordinating minister expressed appreciation for the patience and collaboration of all stakeholders, reaffirming the Federal Government’s commitment to improving the welfare of all healthcare workers.

He said attendees at the meeting renewed their commitment to work together in advocating for the welfare of healthcare workers and ensuring the full implementation of key reforms.

The News Agency of Nigeria (NAN) reports that NMA has championed increasing the retirement age of health workers from 60 to 65 years to address brain drain, improve knowledge transfer and for quality healthcare delivery.

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First Lady Commiserates With Families Of 17 Zamfara School Fire Victims

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The First Lady, Senator Oluremi Tinubu, has condoled with the families of those who died in a fire outbreak that affected an Islamic school in Kaura Namoda, Zamfara State, on Tuesday night.

The police in Zamfara confirmed the death of 17 almajiris (street children), while 17 others were injured in the fire incident in Kaura Namoda Local Government Area.

In a statement on Thursday, Senator Tinubu also commiserated with Governor Dauda Lawal of Zamfara over the tragic incident.

“I pray Allah to comfort and give the families and loved ones of the departed the fortitude to bear this painful loss.

“This, once again, brings to mind the need for precautionary safety measures in all our public facilities.

“I pray that such an incident will not recur, not only in Zamfara but in any other part of Nigeria.

“May Allah grant the souls of the departed Aljannah Firdaus,” she said.

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