Abbey Mortgage Bank Records N1.07bn in 2024 Financial Year

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Abbey Mortgage Bank Plc has announced a significant 23% increase in profit after tax, reaching N1.07 billion in its audited financial statements for the year ended December 31, 2024. This growth surpasses the previous year’s profit of N871.3 million.

According to the bank’s financial statement filed with the Nigerian Exchange Limited, the substantial rise in profit is attributed to a 66% surge in interest income, which climbed to N11.95 billion from N7.2 billion in 2023.

“The growth in interest income was a key driver of our profitability,” said the bank in a statement. “We are pleased with the progress made in 2024, despite the challenging operating environment.”

However, the bank’s interest expenses also increased significantly by 85% to N8.56 billion from N4.63 billion, reflecting the impact of higher funding costs

Despite the rise in expenses, the bank’s net interest income stood at N3.4 billion, up from N2.57 billion in the prior year. Additionally, the bank recorded N207.7 million in fees and commission income and N272.1 million in other income, bringing total operating income to N3.88 billion, an improvement from N3.19 billion in 2023.

Operating expenses rose to N2.56 billion from N2.34 billion, driven by higher personnel costs and depreciation charges. Taxation for the year increased to N160.8 million from N80.1 million, impacting the overall bottom line.

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The bank’s total assets expanded significantly by 46% to N84.25 billion from N57.54 billion in the previous year, driven by an increase in customer deposits, which grew to N53.9 billion from N40.05 billion.

Loans and advances to customers, however, declined to N12.07 billion from N14.14 billion, reflecting a cautious lending approach.

“We remain committed to maintaining a prudent risk management approach while exploring opportunities for growth and expansion,” said the bank.

Abbey Mortgage Bank’s equity base rose to N9.23 billion from N8.57 billion, supported by a rise in retained earnings and statutory reserves. The bank’s earnings per share improved to 11 kobo from nine kobo, indicating stronger returns for shareholders.

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