Q1 2023: Abbey Mortgage Bank Eyes N1.47 Billion Gross Earnings

For the first quarter of 2023, Abbey Mortgage Bank has revealed that it is targetting N1.47 billion in gross earnings.

The company disclosed this in its Q1 2023 earnings forecast released via the Nigerian Exchange (NGX).

The mortgage bank also projected to rake in N1.37 billion in interest income.

Projections for a profit before and after tax were put at N202.52 million and N157.03 million, respectively.

However, for the third quarter of 2022, the company's gross earnings grew by 50.17% to N4.00 billion from N2.66 billion in 2021.

The bank also recorded a profit before tax of N771.48 million as against N592.85 million in 2021, representing a growth of 30.13%.

According to the company, the growth was driven largely by net interest income of N1.562 billion reported during the period under review as against N1.297 billion posted in 2021, accounting for an increase of 20.43%.