Abbey Mortgage Bank Plc has projected a Profit after Tax (PAT) of N60.13million in its 2021 Q1.
According to the earnings forecast issued by the bank and seen by Nairametrics, it projected the 134.7% Q-o-Q rise from a loss of N173.49 million recorded in its most audited financial statement for Q3, 2020.
key highlights of its earnings forecast for Q1 2021 when compared with Q3 2020 figures include;
Pre-tax profit increased to N88.4 million, +151.5% Q-o-Q.
Interest income increased to approximately N515.9 million, +55.45% Q-o-Q.
Net operating income increased to N421.94 million, +79.9% Q-o-Q.
Interest expense increased to N208.06 million, +63.95% Q-o-Q.
Operating expenses declined to N333.52 million, -17.9% Q-o-Q.
Credit loss expense increased to N19.83 million, +100% Q-o-Q
Gross earnings of N649.83 million
Taxation of N28.3 million
Other income of N133.84 million.
Despite recording not too impressive results in its last financial statements, the firm is, however, optimistic going for Q1 2021 as reflected in its forecast.
This optimism might be premised on the news of a positive general economy by Q1 2021, which will trickle down to various sub-sectors of the economy.