Skye bank latest news

Here are some of the latest news updates about Skye Bank:

Recent Developments:

  1. Rebranding to Polaris Bank: In July 2019, Skye Bank was rebranded to Polaris Bank after the Central Bank of Nigeria (CBN) took over the management of the bank due to financial difficulties. The rebranding was aimed at revamping the bank's operations and restoring its financial stability.
  2. New Management Team: Polaris Bank has a new management team led by Mr. Innocent C. Izunwa, who was appointed as the Managing Director/Chief Executive Officer (MD/CEO) in July 2019.
  3. Restructuring and Cost-Cutting Measures: The new management team has been implementing restructuring and cost-cutting measures to improve the bank's financial performance and reduce its debt burden.
  4. Digital Transformation: Polaris Bank has been investing in digital transformation, including the launch of a mobile banking app and online banking platform, to improve customer experience and increase financial inclusion.
  5. Partnership with Fidelity Bank: In October 2020, Polaris Bank announced a partnership with Fidelity Bank to provide a range of financial services to customers, including loans, deposits, and investment products.

Recent Financial Performance:

  1. Profit After Tax (PAT): Polaris Bank reported a PAT of NGN 6.3 billion (approximately USD 16.5 million) in the first half of 2020, compared to a loss of NGN 14.4 billion (approximately USD 37.5 million) in the same period in 2019.
  2. Gross Earnings: The bank's gross earnings increased by 24.5% to NGN 143.4 billion (approximately USD 373.5 million) in the first half of 2020, compared to NGN 115.3 billion (approximately USD 302.5 million) in the same period in 2019.
  3. Non-Performing Loans (NPLs): Polaris Bank's NPLs decreased by 34.6% to NGN 143.4 billion (approximately USD 373.5 million) in the first half of 2020, compared to NGN 218.4 billion (approximately USD 567.5 million) in the same period in 2019.

Industry Recognition:

  1. Best Bank in Nigeria: Polaris Bank was recognized as the Best Bank in Nigeria at the 2020 African Banker Awards.
  2. Most Improved Bank: The bank was also recognized as the Most Improved Bank in Nigeria at the 2020 BusinessDay Banking Awards.

Please note that the information provided is subject to change and may not be up-to-date. It is always a good idea to verify the information with the bank or other reliable sources before making any decisions.