The Managing Director/CEO of Polaris Bank, Mr. Tokunbo Abiru, has saidthat the bank would leverage its investment in cutting-edge information technology to harness emerging opportunities and mitigate the disruptive effect of the COVID-19 on its business.
Against the backdrop of the impressive financials of the bank in 2019, the CEO noted that 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 would undoubtedly impact all economies and sectors, including Nigeria, Polaris Bank’s strong business focus, organizational efficiency, innovation and digitization will provide the winning edge against the emerging disruptions.
He also noted that Polaris Bank’s retail customer segments and commercial businesses will remain thriving and competitive, ensuring that the Bank continues to harness the value of its investments.
“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 on-going transformation programme,” Abiru said.
Speaking on the impact of COVID-19 on the economy, he noted that the COVID1-19 would adversely impact businesses both locally and globally, with credit quality being challenged, business market size already shrinking, and inflationary pressures mounting. He further explained that while no business can hardly outperform the environment where it operates, Polaris Bank will seek ways to maximize all available income sources; while also seeking ingenious means of containing the negative impact of the Coronavirus pandemic.
On the impact of technology on banking, Abiru stated that the future of banking, like other sectors of the economy, will continue to be shaped by technology. “Just look around you, is there any area of our lives that technology is not reshaping? Why should banking be an exception? More so, if you look at the nature of our business, it lends itself to digital adaptations more than other areas of our lives.”
Source: https://www.sunnewsonline.com/polaris-bank-transformed-for-growth-says-ceo/