One of Nigeria’s based Mortgage Bank, Abbey Mortgage Bank Plc has declared a 116 percent growth profit before tax in its financial results for the year ended December 31, 2021. The result shows the company recorded PBT of N661.063million from a loss before tax (LBT) of N4.297billion in FY’2020.
The annual report also shows that as of December 31, 2021, the bank’s total assets stood at N34.460billion as against N18.520billon in 2020, which represents an increase of 86.07percent. Profit after tax (PAT) of N622.198million in 2021 as against a loss position of N4.301billion in 2020 represents an increase by 114.46percent. Cash flow from operating activities increased by 54.15percent to N7.291billion in FY 2021 from N4.730billion in 2020.
While commenting on the impressive scorecard, Bolaji Adewumi, Managing Director, Abbey Mortgage Bank Plc, said “the report is evidence of the hard work that every staff of the company has put in over the past year.” According to him, “there’s still a lot of work to be done but we remain steadfast to our commitment to a new and reenergized Abbey”
The company is one of the largest and most profitable Primary Mortgage Bank in Nigeria and it is focused on providing well-structured mortgage options as well as other financial and advisory services. The company’s housing and mortgage products are available to all spectrum of the population in the country. Its full suite of banking products and services is geared towards retail banking, wholesale banking, mortgage banking, and electronic banking.