Abbey Mortgage Bank Grows Profit Before Tax by 116%

Abbey Mortgage Bank Plc, Nigeria’s leading non-aligned Primary Mortgage Bank in Nigeria (PMBN) has released its financial results for the year ended December 31, 2021 showing profit before tax (PBT) growth of 116 percent.

The company recorded PBT of N661.063 million from a loss before tax (LBT) of N4.297billion in FY’2020.

The annual report also shows that as at December 31, 2021 the bank’s total assets stood at N34.460billion as against N18.520billon in 2020, which represents an increase by 86.07percent.

Profit after tax of N622.198million in 2021 as against a loss position of N4.301billion 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.

Commenting on the impressive scorecard, Managing Director, Abbey Mortgage Bank Plc, Bolaji Adewumi, 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”