Abbey Mortgage plc is reporting 15% fall in profit to NGN31.9 million compared to NGN37.5 million recorded same period in the financial year 2016.
Gross interest income NGN658.3 million compared to NGN581.2 million posted in the previous year, interest expense rose to NGN232.3 million from NGN163.2 million in the year before.
The bank’s net interest income increased NGN425.9 million against NGN417.9 million in the fiscal year 2016 while net operating income reduced to NGN454.7 million against NGN492.5 million in the year 2016. The bank had no impairment charges record for the period.
Total assets at the end of the period was NGN12.6 billion total assets in half year 2017 compared to NGN12.4 billion acquired in the year before while total liabilities was NGN6.1 billion versus NGN6.0 billion in 2016.
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.
