Home Finance Abbey Mortgage Bank grows full year 2021 profit before tax by 116%

Abbey Mortgage Bank grows full year 2021 profit before tax by 116%

by Business News Report

Abbey Mortgage Bank Plc, Nigeria’s leading non-aligned Primary Mortgage Bank in Nigeria (PMBN) made a profit before tax (PBT) of N661.063 million from a loss before tax (LBT) of N4.297billion in FY’2020. The bank stated this in its financial results for the year ended December 31, 2021. Abbey Mortgage Bank Plc is providing modern, affordable, and accessible housing finance solutions to its customers. 

The annual report also showed that as at December 31, 2021 the bank’s total assets stood at N34.460 billion as against N18.520 billon in 2020, which represents an increase by 86.07 per cent. Profit after tax (PAT) of N622.198 million in 2021 as against a loss position of N4.301 billion in 2020 represents an increase by 114.46 per cent.  Cash flow from operating activities increased by 54.15 per cent to N7.291 billion in FY 2021 from N4.730 billion in 2020 . 

While commenting on the impressive scorecard, Bolaji Adewumi, Managing Director, Abbey Mortgage Bank Plc, 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 reenergised Abbey”. The company is one of the largest and most profitable Primary Mortgage Bank in Nigeria and it is focused on providing well-structured mortgage options as well as other financial and advisory services. The company’s housing and mortgage products are available to all spectrum of the population in the country. Its full suite of banking products and services is geared towards retail banking, wholesale banking, mortgage banking, and electronic banking.

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