In order to increase future performance, Polaris Bank claims that as part of its restructuring, it has embraced a customer-centric approach.
Additionally, the bank announced that it was wrapping up arrangements for adding tier-ii capital to accelerate the expansion of its assets.
Adekunle Sonola, the bank’s managing director and chief executive officer, made this statement in an interview with Proshare in which he discussed the history of the financial organization and its long-term goals.
According to Sonola, “A business loses its essence without integrity and its direction without purpose. With the demands of the consumer as our first priority, we are recalibrating.
He emphasized the value of a good client experience as a strategic competitive advantage and said, “We are integrating this into the operational DNA of the bank. Across demographics, our customer journey experiences have been deconstructed”.
A few of the bank’s efforts were also emphasized by Sonola, including “Aggressive customer acquisition and strengthened relationships, improved digital play, improved staff productivity, and cost optimization.”
The Polaris Bank MD reflected on the lessons discovered through the bank’s transitions and said, “Having loans and advances concentrated in a sector, business, or individual is like having twenty egg crates on your head, trip over a pebble, and destroy all egg crates. Cost reduction and funding diversification are increasingly essential components of our future”.
The bank works considerably beyond the statutory 10% capital adequacy threshold, according to Sonola, who spoke about capitalization. We are finalizing plans to add tier II capital to support our ambitions for asset growth. When the need arises, our shareholders are prepared and willing to increase the bank’s capital.
Sonola provided reassurance in response to queries regarding the bank’s performance metrics by stating, “Our funding costs have been highly competitive in the sector. We are promoting the expansion of earning assets. As our initiatives develop, we have every confidence that our net interest income and margin will significantly increase”.
However, he emphasized the bank’s intention to being a significant contender among tier II banks and its focus on value creation rather than expansion.
For two years running, Polaris Bank has been recognized as Nigeria’s Digital Bank of the Year.