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Abbey Mortgage Bank grows full year 2021 profit before tax by 116%

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Abbey Mortgage Bank Plc, has released its financial results for the year ended December 31, 2021 showing profit before tax (PBT) growth of 116 per cent.

The company, one of the leading non-aligned Primary Mortgage Bank in Nigeria (PMBN) recorded PBT of N661.063 million from a loss before tax (LBT) of N4.297 billion in FY’2020. Abbey Mortgage Bank Plc stated that it is committed to providing modern, affordable, and accessible housing finance solutions to its customers.

The annual report also showed that as at December 31, 2021 the bank’s total assets stood at N34.460 billion as against N18.520 billon in 2020, which represents an increase by 86.07 percent. Profit after tax (PAT) of N622.198 million in 2021 as against a loss position of N4.301 billion in 2020 representing an increase by 114.46percent.

Cash flow from operating activities increased by 54.15 percent to N7.291 billion in FY 2021 from N4.730 billion in 2020

Read also :Abbey Mortgage Bank MD, Hamman, resigns, heads to FMB

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

The company is one of the largest and most profitable Primary Mortgage Bank 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.

Nigeria’s leading non-aligned Primary Mortgage Bank in Nigeria (PMBN)

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