ADETOKUNBO ABIRU: With COVID-19, Corporate Performance’ll be Adversely Impacted in Nigeria and Globally
As the world continues to grapple with the outbreak and control of COVID-19, it is leaving in its trail negative impacts. And as the plague is resetting the global economy to a new normal, business operations are being forced to adapt to new ways of doing things. The banking industry is not exempted in the new world order and it’s in fact, playing a major role in defining the future. The Managing Director/CEO, Polaris Bank Ltd, Mr.
Can you talk us through the key drivers of the outcomes recorded and what did you do to produce these results? Where did the income come from? One area of concern though in your otherwise stellar performance is the 46 per cent non-performance loans ratio, which remains quite high. We understand your team has managed to reduce it from around 80 per cent when you took over the former Skye Bank with a very bad loan portfolio. But, how do you plan to take this down to a more acceptable level?
Where will you place Polaris Bank within the banking and financial services industry? How competitive is your bank relative to other Tier 1 and Tier 2 banks? For business strategy, we are primarily driving a retail banking strategy, focusing on growth sectors in the commercial banking space. We have expanded the frontiers of our retail product offerings to the needs and yearnings of today’s market.
What will you say about the role of your key regulators, especially CBN and AMCON in this successful turnaround? Polaris Bank looks like a case study of a successful regulatory intervention in the banking sector. Isn’t that so? Beyond Polaris, what’s your view about the future of banking and financial services, not just in Nigeria, but globally?
You seem to believe a lot in technology and digital transformation defining the future of banking. What informs your belief?
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