Abbey Mortgage Bank records N622m profit in 2021

For the year 2021, Abbey Mortgage Bank Plc has declared a strong performance. The bank’s results improved during the year, with a profit of N622 million compared to a deficit of N4.3 billion the previous year.

In the face of double-digit inflation and a slowdown in economic activity in the country due to Covid, the year 2021 was a bright one for the bank, as evidenced by improved income, assets, and general operations.

Mortgages, construction loans, and treasury investments all contributed to the bank’s total interest revenue of N3.3 billion in 2021, up 137 percent from N1.4 billion in 2020. Interest expenses soared during the period, reaching N1.7 billion in 2021, a 212 percent increase over the previous year, leaving net interest income at N1.6 billion.

As a result, net operating income in 2021 increased to N2.2 billion from a negative N2.9 billion the previous year. This is due to a huge increase in total operating income, which jumped from N980 million to N2 billion.

Due to rising personnel and other operating expenses, the bank’s expenses climbed marginally to N1.5 billion in 2021 from N1.3 billion the previous year. Profit before tax increased to N661 million as a result of this.