• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, July 4, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Abbey Mortgage Bank Gross Earnings Grows To N3.6bn

by Bukola Idowu
3 years ago
in Business
Abbey Mortgage Bank
Share on WhatsAppShare on FacebookShare on XTelegram

Abbey Mortgage Bank grew its gross earnings for the year ended December 31, 2021 by 142 per cent at N3.68 billion compared to  N1.52 billion in the previous year.

Advertisement

Chairman of the bank, Emmanuel Kanu speaking at the 30th annual general meeting of Abbey Mortgage Bank Plc in Lagos, noted that, their firm ramped up its recovery effort and that the profit at the end of the year stood at N661million compared to -N4.2 billion the previous year.

“Two years ago, the management of Abbey with the support of the Board made some strategic decisions towards addressing legacy delinquent assets. I am extremely proud of the progress we made in the last 12 months and the outcome that continues to validate our strategic direction.

“Gross Earnings grew by 142 per cent to N3.68 billion compared to  N1.52 billion in 2020, while Operating Income grew by 104 percent to N1.99 billion from N0.98 billion in 2020. The result also noted that operating expenses grew by nine per cent to N1.52 billion from N1.39 billion in 2020 reflecting management’s optimisation of expenses while achieving improved staff welfare, increase in manpower, and business expansion activities.

“We ramped up recovery effort which led to a net write-back off N180 million against a net credit loss of N3.8 billion in 2020. while Pre-Tax Profit at the end of the year stood at N661million compared to -N4.2 billion in 2020,” he stressed.

RELATED

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt

5 hours ago
At LEADERSHIP Twitter Spaces: AMCON Creates Moral Hazard For Banking Industry – Analysts

AMCON Sells 60% Stake In Ibadan DisCo For N100bn

12 hours ago

He added that their loans and advances grew by 28 per cent to N6.2 billion from N4.7 billion in 2020 while customer deposits grew by 45.4 percent to N21.2 billion from N14.6 billion in the previous year which was driven by growth in the institutional and wholesale business segments.

On his part, the managing director/CEO, Madu Hamman said: “in what was termed as a year of recovery, our financial performance validated our strategic direction as we set new records on multiple parameters.

“In 2020, we had made deliberate efforts to resolve the industry-wide legacy issues of delinquent assets and its impact on profitability are highlighted in our current performance with Loans and Advances to customer growing by 28.7 per cent from N4.7 billion in 2020 to N6.2 billion and a write back of N180 million as against credit losses of N3.8 billion in 2020.”

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


SendShareTweetShare
Previous Post

Dangote Petrochemical Plant To Position Nigeria As Africa’s Polypropylene Hub

Next Post

DBN’s Disbursement To SMEs Hits N512bn In 5 Years

Bukola Idowu

Bukola Idowu

You May Like

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt
Business

ASO Savings Clears 10-yr Backlog Of Audited Accounts, Sustains Profitability Under New Mgt

2025/07/04
At LEADERSHIP Twitter Spaces: AMCON Creates Moral Hazard For Banking Industry – Analysts
Business

AMCON Sells 60% Stake In Ibadan DisCo For N100bn

2025/07/04
NADF Unveils Digital Tool To Track N19.5bn Agri-support Project
Business

NADF Unveils Digital Tool To Track N19.5bn Agri-support Project

2025/07/04
Business

FG Begins Vehicle Recycling Enforcement October, Eyes N60bn Annually

2025/07/04
Zenith Bank Emerges Most Sustainable Bank
Business

Zenith Bank Ranked Nigeria’s Top Tier 1 Bank

2025/07/04
GTCO, 7 Others Post N1.3trn Pre-tax Profit In Q1
Business

GTCO Raises $105m In Share Sale, To List On London Exchange

2025/07/04
Leadership Conference advertisement

LATEST

‘Amaechi Has Spiritual Problem, I Risked My Life To Make Him Gov’, Wike Alleges

Wike Accuses Amaechi’s Wife Of Misappropriating N4bn NDDC Funds

Cultism: Police Arrest Suspected Killer Of Vigilantes, 15 Others In Edo

Kano Gov Makes Fresh Appointments 

UEFA Slams Fines On Chelsea, Aston Villa, Barca, Others For Breach Of FFP

Additional States, Police, Others Top South-West Constitution Review Hearing In Lagos

Stop Your Bitterness, Shettima Loyal, Not Desperate, Presidency Tells Datti

Gov Mbah Tasks Journalists On Truth, Editorial Courage In AI Age

Ex-PDP Reconciliation Committee Chair Joins ADC In Gombe

Election Outcomes: Yiaga Africa Backs New INEC Guidelines, Seeks Amendments

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.