Abbey Mortgage Bank Gross Earnings Grows To N3.6bn

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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.

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.

Abbey Mortgage Bank Gross Earnings Grows To N3.6bn

“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.

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.”