Polaris Bank: Profitable foundation for retail dominance vanguardnews
The most optimistic view then was that the CBN appointed management, led by Tokunbo Abiru would stabilize the bank and prepare it for eventual acquisition by new owners.
Also, despite the pay-down of outstanding legacy obligations of over $200 million within the period, the bank achieved customers’ deposit of N857 billion and total assets in excess of N1.4 trillion. This led to the adoption of a predominantly retail market focus in line with the strengths and competencies of the bank.
Thus, while ‘term deposits’ dropped by 3.1 percent to N294.4 billion at the end of December 2019, from N303.9 billion at the end of December 2018, ‘savings deposits’ rose by 8.4 percent to N167.7 billion from N154.5 billion in the same period.
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