Abbey Mortgage Bank post-tax profit jumps by 51%

Abbey Mortgage Bank grew profit after tax by 51 per cent to N508m in the first half of the year up from N336m in the same period last year.

This was disclosed in the bank’s unaudited financial statements for the period ended June 30, 2024, filed with the Nigeria Exchange Limited on Friday.

The bank also reported a 47 per cent rise in pretax profit to N560m compared to N380m in the same period last year, underscoring a 60 per cent surge in gross earnings, which climbed to N5.06bn from N3.16bn in the previous year.

Net operating income also saw an increase of 37 per cent year-on-year to N1.74bn as opposed to N1.27bn in H1 2023, driven by a higher net interest income, which rose by 31 per cent to N1.51bn from N1.15bn.

Fees and commission income was also up by 82 per cent to N125.69m.

Abbey Mortgage Bank experienced a decrease of 27.82 per cent in loans and advances to Customers, which fell to N10.20bn from N14.14bn, while deposits from customers went up by 32.37 per cent to N53.01bn.

Total assets increased by 23.36 per cent to N70.98bn from N57.54bn, reflecting a growth in its investment in securities and other financial instruments.

Additionally, the bank’s total equity saw an increase of 1.19 per cent, rising to N8.67bn from N8.57bn.

The bank’s operating expenses rose 32.7 per cent to N1.18bn compared to N891m in the previous year, on the back of higher personnel costs and increased depreciation, as personnel expenses climbed by 27 per cent to N426.1m.

Earnings per share of the bank surged by 74.83 per cent to N10.01 from N5.72.

In May, PUNCH reported that Abbey Mortgage Bank’s pre-tax profit rose by 15 per cent year-over-year to N951m in 2023, from N827m in the prior period. The Chief Executive Officer of Abbey Mortgage Bank, Mobolaji Adewumi, noted that the bank’s performance in 2023 stood as a testament to resilience and excellence amid the economic challenges plaguing our nation.