Abbey Mortgage Bank Grows Pre-tax Profit By 116%

Abbey Mortgage Bank Plc, (AMB) Nigeria’s leading non-aligned primary mortgage bank (PMB) has grown its profit before tax (PBT) by 116 per cent for the financial year ended December 31, 2021.

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

The bank said it remains committed to providing modern, affordable, and accessible housing finance solutions to its customers.

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

Also profit after tax (PAT) stood at N622.198million 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 2021 from N4.730 billion in 2020

Commenting on the scorecard, the bank’s managing director, Bolaji Adewumi said “the report is evidence of the hard work that every staff of the company has put in over the past year.”

However, he said, “there’s still a lot of work to be done but we remain steadfast to our commitment to a new and reenergised Abbey”

According to him, the company is one of the largest and most profitable PMB 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.