Abbey Mortgage recorded N622m profit in 2021

Abbey Mortgage Bank Plc, Nigeria’s leading non-aligned primary mortgage bank, grew its full year Profit After Tax (PAT) to N622 million in 2021 as against N4.301 billion loss in 2020, which represents an increase by 114.46 per cent. This was disclosed in the financial results of the bank for the year ended December 31, 2021, […]

Abbey Mortgage Bank Plc, Nigeria’s leading non-aligned primary mortgage bank, grew its full year Profit After Tax (PAT) to N622 million in 2021 as against N4.301 billion loss in 2020, which represents an increase by 114.46 per cent.

This was disclosed in the financial results of the bank for the year ended December 31, 2021, also showing a PAT of N661m from Loss Before Tax (LBT) of N4.297bn, indicating growth of 116 per cent.

The annual report also shows that as at December 31, 2021, the bank’s total assets stood at N34.460bn as against N18.5bn in 2020, which represents an increase by 86.07 per cent.

Cash flow from operating activities increased by 54.15 per cent to N7.291bn in FY 2021 from N4.730bn in 2020

While commenting on the result, the Managing Director of Abbey Mortgage Bank, Bolaji Adewumi, 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 re-energised Abbey.”