Abbey Mortgage Bank Deposits Rise By 45%

For the 2021 financial year, Abbey Mortgage Bank’s customer deposits have risen to N21.2 billion which indicates a 45.4 per cent increase from the previous year.

In the year under review, the primary mortgage bank also grew loans and advances by 28 per cent to N6.2 billion in the year under review.

Mobolaji Adewunmi, the Managing Director/CEO, said that despite the challenges, the bank had proved to be a resilient institution, having been around for 30 years.

The Chairman of Abbey Mortgage Bank, Mazi Emmanuel Okorafor, said that the bank had made quantifiable progress in comparison to 2020.

“Our loans and advances grew by 28 per cent to N6.2 billion against the 2020’s N4.7 billion, while our customer deposits grew by 45.4 per cent to N21.2 billion in comparison to 2020 N14.6 billion, driven by growth in the institutional and wholesale business segments.”

The bank’s audited financial statements also revealed that the growth margin in the gross earnings stood at N3.68 billion, which represents a 142 per cent growth compared to N1.52 billion recorded in 2020.

The bank’s income also grew by 104 per cent from a loss of N4.29 billion in 2020, thus recording a positive Profit Before Tax in over six years.