Abbey Mortgage Bank profit soars by 109% in Q1


Abbey Mortgage Bank said its net profit in the first quart rose to NGN15.9 million against NGN7.6 million recorded in 2016, which represents 109% increase year on year comparison.plc

Total revenue for the first quarter 2017 reported NGN321.5 million interest and similar income compared to NGN258.4 million reported same period 2016.

The bank’s interest and similar expense for the period was NGN110.3 million against NGN83.0 million recorded in the previous year.

Net interest for the quarter rose to NGN211.1 million from NGN175.4 million recorded in the comparing year. Its operating income was NGN228.2 million against NGN231.1 million posted in 2016 as there were no impairment charges for the periods.

Abbey mortgage in the report said its profit before tax for the period was NGN19.8 million in contrast NGN9.6 million recorded in the fiscal year 2016.

Abbey mortgage plc said it acquired NGN12.4 billion in q1 2017 same as it acquired in 2016. Its total liabilities for the period was NGN5.9 billion against NGN6.0 billion posted in 2016.

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Company Information

ABBEY was incorporated on August 26, 1991 and licensed to carry on business as a primary mortgage institution (PMI) by the Central Bank of Nigeria on January 11, 1992. Full commercial operations commenced on March 11, 1992. ABBEY commenced with an initial authorized share capital of N5million. Our share capital is currently N2.1billion, whilst our equity has grown over the years through capital injection, bonus issue, and profitable trading to more than N6 billion. Total assets are in excess of 12billion as at December 2015. At present, we are one of the most capitalized mortgage banks in Nigeria.

Abbey Mortgage Bank plc currently employs over 200 staff. We have ten (10) branches covering three regions of the country including 3 branches in the FCT, and 6 in the Lagos axis.

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