Abbey Mortgage Bank Grows Profit Before Tax By 116% -Nigeria

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Primary mortgage institution, Abbey Mortgage Bank Plc, has said its financial results for the year ended December 31, 2021. Shows profit before tax, PBT, growth of 116%.

The firm said the bank recorded PBT of N661.063million from a loss before tax (LBT) of N4.297billion in FY’2020. Abbey Mortgage Bank Plc commitment is to provide modern, affordable, and accessible housing finance solutions to its customers.

The annual report shows that in December 31, 2021, the bank’s total assets was N34.460 billion against N18.520billon in 2020. Representing an increase of 86.07%.

Profit after tax was N622.198million in 2021. As against a loss position of N4.301billion in 2020, representing an increase by 114.46%. Cash flow from operating activities increased by 54.15 per cent to N7.291billion in FY 2021 from N4.730billion in 2020

Managing Director, Abbey Mortgage Bank Plc, Bolaji Adewumi, said: “The report shows the hardwork that staff of the company has put in”. According to him, They have a lot to do.

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