Polaris Bank plc invests in cutting-edge technology for growth

Polaris Bank Nigeria plc Managing Director/Chief Executive Officer, Tokunbo Abiru, has said the bank will leverage its investment in cutting-edge information technology to harness emerging opportunities and mitigate the disruptive effects of the COVID-19 pandemic on its business.

Against the backdrop of the impressive financials of the bank in 2019, he said in a statement that its investment in technology infrastructure, comprehensive corporate transformation and a keen focus on customer experience would continue to give the bank comparative advantage in the Nigerian financial services sector.

Abiru disclosed that the 2019 performance of the bank was the result of a corporate transformation that started in September 2018 to help the bank build a robust foundation for capital preservation and sustainable profitability.

According to him, while the coronavirus pandemic will undoubtedly impact all economies and sectors, Polaris Bank’s strong business focus, organisational efficiency, innovation and digitisation would provide the winning edge against the emerging disruptions.

He also noted that Polaris Bank’s retail customer segments and commercial businesses would remain thriving and competitive, ensuring that the bank continued to harness the value of its investments.

Abiru stated, “The key drivers of the outcome as shown in the 2019 results were strong earnings from interest and non-interest income as well as through operational efficiency via cost containment, all resulting in a decent cost to income ratio.

“These measures are key initiatives of our ongoing transformation programme.”

Speaking on the impact of COVID-19 on the economy, he noted that the virus would adversely impact businesses both locally and globally, with credit quality being challenged, business market size already shrinking and inflationary pressures mounting.

He explained that while no business could outperform the environment where it operated, Polaris Bank would seek ways to maximise all available income sources; while also seeking ingenious means of containing the negative impact of the coronavirus pandemic.

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