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Nairametrics
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Home Companies Corporate Updates

Abbey Mortgage Bank rebounds, reports N622 million profit in 2021

…improve asset by 86%

NM Partners by NM Partners
May 30, 2022
in Corporate Updates
Abbey Mortgage Bank Plc appoints Mr. Mobolaji Adewumi as acting Managing Director
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Abbey Mortgage Bank Plc has reported an impressive performance for the year 2021. During the year the bank had a rebound in its result, recording a N622 million profit from a loss of N4.3 billion in the previous year.

The year 2021 was indeed a positive one for the bank as evident by its improved income, asset and general operations in the face of double-digit inflation and after a slowdown in economic activities in the country due to Covid

In 2021, the bank’s total interest income was N3.3 billion which is a 137% increase from the N1.4 billion recorded in 2020 largely driven by mortgages, construction finance and treasury investments. Expectedly, the interest expenses jumped during the period recording a N1.7 billion in 2021, a 212% increase from last year’s, leaving the net interest income to circa N1.6 billion.

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Consequently, the net operating income hit N2.2 billion in 2021 from a negative of N2.9 billion in the previous year. This is because of the increase in total operating income which rose significantly from N980 million to N2 billion.
The bank’s expenses increased marginally to N1.5 billion in 2021 from N1.3 billion a year before due to increased personnel and other operating expenses. This led to a rise in profit before tax to N661 million.

Total assets by the bank increased to N34 billion in 2021 depicting a 86% rise from N18.5 billion while the bank’s market capitalization stands at N18 billion. Also, the bank last traded at N1.8 per share price as of Friday, 28th May 2022 which is a signal that the performance of the bank is gradually reflecting on the trading price of its stock.

The bank also recently announced the replacement of MD/CEO Mr. Madu Hamman, upon his appointment by President Mohammad Buhari as the new MD of Federal Mortgage Bank Of Nigeria with Mobolaji Adewumi, effective from 25th May 2022.


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NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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Comments 1

  1. Chidinma Onoh says:
    May 30, 2022 at 1:26 pm

    Welldone Team on the achievement of this profit, 2022 FYA will be a better year ‼️

    Reply

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