FOR the fiscal year 2021, Abbey Mortgage Bank Plc delivered a strong result. The bank’s results improved during the year, with a profit of N622 million compared to a deficit of N4.3 billion the previous year.
In the face of double-digit inflation and a slowdown in economic activity in the country due to Covid, the year 2021 was a bright one for the bank, as evidenced by improved income, asset, and general operations.
Mortgages, construction loans, and treasury investments all contributed to the bank’s total interest revenue of N3.3 billion in 2021, up 137 percent from N1.4 billion in 2020.
Expectedly, interest expenses increased during the period, reaching a total of N1.7 billion in 2021, a 212 percent rise from the previous year, leaving net interest income at around N1.6 billion.
As a result, net operating income in 2021 increased to N2.2 billion from a negative N2.9 billion the previous year. This is due to a huge increase in total operating income, which jumped from N980 million to N2 billion.
Due to rising personnel and other operating expenses, the bank’s expenses climbed marginally to N1.5 billion in 2021 from N1.3 billion the previous year. Profit before tax increased to N661 million as a result of this.
The bank’s total assets climbed by 86 percent to N34 billion in 2021, from N18.5 billion, while the bank’s market capitalization is N18 billion.
Also, as of Friday, May 28th, 2022, the bank’s stock last traded at N1.8 per share, indicating that the bank’s performance is gradually reflected in the stock’s trading price.
Following President Mohammad Buhari’s appointment as the new MD of Federal Mortgage Bank Of Nigeria, the bank has announced the change of MD/CEO Mr Madu Hamman with Mobolaji Adewumi, effective May 25, 2022.
