Abbey Mortgage Bank Plc has released its unaudited for the period ended December 31st, reporting a pre-tax profit of N830.43 million.
This represents a 26% increase from the N661.06 million which the company reported during the same period in 2021.
Key details of the unaudited financial report are summarised below.
Gross earnings
December 2022: N5.85 billion
December 2021: N3.67 billion
Change: +59%
Total operating income
December 2022: N3.04 billion
December 2021: N1.99 billion
Change: +52.8%
Total operating expenses
December 2022: N1.92 billion
December 2021: N1.52 billion
Change: +26%
Pre-tax profit
December 2022: N830.43 million
December 2021: N661.06 million
Change: +26.62%
Net Profit after tax
December 2022: N664.35 million
December 2021: N622.19 million
Change: +6.77%
Bottom line: The growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.