• Business - Companies
  • Updated: June 06, 2022

Abbey Mortgage Bank Records 116% Increase In Profit

Abbey Mortgage Bank Records 116% Increase In Profit

The financial results of Abbey Mortgage Bank Plc for the year which ended on December 31, 2021, have shown  profit before tax, PBT, growth of 116 percent.

A statement by the firm revealed that the bank recorded a PBT of N661.063million from a loss before tax (LBT) of N4.297billion in FY’2020.

Abbey Mortgage Bank Plc said it was committed to providing modern, affordable, and accessible housing finance solutions to its customers.

According to the bank's annual report, as of December 31, 2021, the bank’s total assets stood at N34.460 billion against N18.520billon in 2020, representing an increase of 86.07 percent.

In 2021, Profit after tax was N622.198 million as against a loss position of N4.301billion in 2020,  reflecting a 111.46 percent increase. Cash flow from operating activities increased by 54.15 per cent to N7.291billion in FY 2021 from N4.730billion in 2020

Bolaji Adewunmi, the Managing Director, Abbey Mortgage Bank Plc, while commenting on the company’s scorecard 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 re-energised Abbey.”

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