Polaris Bank’s commitment to digital innovation and excellence has once again been recognized, as the Bank was awarded the prestigious “Best Mobile App” award for its renowned digital banking platform, VULTe, at the Digital Jurist Awards held October 31 at Eko Hotel in Victoria Island, Lagos.

This honor comes less than a week after Polaris Bank was named Nigeria’s Digital Bank of the Year for the fourth consecutive year, further solidifying its status as a leader in Nigeria’s digital banking landscape.

At the event, attended by representatives from all nominated companies, Polaris Bank’s VULTe app stood out among its peers, winning the hearts of users and the recognition of industry experts.

The Digital Jurist Awards Committee had nominated Polaris Bank in three categories: Best Website, Best Web Portal, and Best Mobile App.

The Bank’s innovative approach and customer-centric digital solutions have made it a formidable contender in each category, with VULTe’s win affirming the Bank’s continued drive to redefine digital banking in Nigeria.

Commenting on the the award, Polaris Bank’s Managing Director/CEO, Kayode Lawal expressed gratitude for the recognition and reiterated the Bank’s commitment to providing seamless, reliable, and secure digital solutions.

“This award continuously shows our dedication to delivering the best digital experiences to our customers. We will continue to push the boundaries of innovation to ensure that our platforms remain intuitive, accessible, and impactful,” he said.

Polaris Bank’s VULTe app has gained widespread acclaim for its user-friendly design, robust security features, and diverse functionalities, enabling customers to manage their banking needs from the comfort of their devices.

Winning the “Best Mobile App” award is yet another milestone in the Bank’s digital journey, reinforcing its position as a digital pioneer in Nigeria’s banking sector.

The Bank extends its gratitude to the Digital Jurist Awards Committee and its loyal customers for their continued trust and support. Polaris Bank is committed to advancing digital banking in Nigeria, creating convenient, modern, and secure solutions that cater to the evolving needs of its customers.

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

The black market dollar to Naira exchange rate on Sunday 3rd November 2024 can be accessed below.

JomogNews Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

According to Bureau De Change (BDC) sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players bought a dollar for N1710 and sold it for N1720 on Sunday, November 3rd, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate N1730
Selling Rate N1740

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today

Buying Rate N1730
Selling Rate N1740

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

GTCO Plc released its third-quarter results, showing that pre-tax profits rose to N215.69 billion, compared to N105.8 billion recorded in the corresponding quarter of 2023.

These third-quarter profits helped boost the financial holding company’s nine-month pre-tax profits to N1.2 trillion — the highest on record in the financial services sector, following the N1 trillion milestone achieved in the first half of the year.

The nine-month performance also enabled the bank to reach N1 trillion in profit after tax for the first time, making it the first bank to achieve this milestone.

The bank reported total assets of N15.6 trillion for the first time in its history, while net assets also rose to N2.62 trillion — another all-time high for the company.

Key Highlights (third quarter)

• Net Interest Income: N362.4 billion, +143.9%, YoY
• Loan Impairments: N16.16 billion, +148.5%, YoY
• Net Fees and Commission: N57.4 billion, +85.8%, YoY
• Pre-tax Profits: N215.69 billion, +103.9%, YoY
• Loans and advances: N3 trillion, +36.1, YoY
• Total Deposits: N11.2 trillion, +77%, YoY
• Total Assets: N15.6 trillion, +81.3%, YoY
• Net Assets: N2.6 trillion, +106.8%, YoY

Commentary

A cursory review of the results reveals that GTCO reported a pre-tax profit of N215.6 billion in the quarter under review.

• While this figure more than doubled the profit reported a year earlier, it fell below the N509.3 billion and N494.4 billion recorded in the first and second quarters of the year, respectively.
• A deeper analysis of the company’s financial statement shows that the drop in pre-tax profits was due to a decline in its other operating income, which swung to a N52.8 billion loss from a N305.3 billion profit in the second quarter.
• This income line also contributed N324.9 billion in the first quarter of the year. Notably, the company reported an “unrealised gain on forward transactions” of N32.1 billion for the first nine months of this year, down from N130.2 billion in the first six months.

Despite this decline, the HoldCo crossed the N1 trillion profit after tax mark for the first time ever, becoming the first in the financial services sector to achieve this milestone.

• GTCO’s net interest income rose to N781.48 billion, marking a substantial 162.6% year-on-year increase.
• This growth was driven by an increase in interest-earning assets or higher rates, allowing GTCO to benefit from a favorable interest environment.
• This strong performance in net interest income highlights GTCO’s effective asset allocation strategy, which leaned towards fixed income securities amid rising interest rates.
  Net fee and commission income almost doubled to N158.55 billion, reflecting a 92.2% year-on-year increase.
• This rise in fee-based revenue underscores GTCO’s diversification strategy, with income generated from non-interest sources such as credit-related fees and commissions, e-business income, account maintenance charges, transaction fees, ancillary banking charges, and other services.
• In an industry where margins on traditional lending can be thin, this strong growth in fee income reflects GTCO’s adaptability and engagement with its customer base.