Abbey Mortgage Bank records N76m in profit for Q1 2021

Abbey Mortgage Bank has recorded a Profit-Before-Tax of N76 million in Q1 2021.

This is a positive deviation from the loss position of N4 billion as at December 2020.

It also grew its deposit from N14.6 billion to N23.5 billion between 31st December 2020 and 31st March 2020, representing a Q-o-Q increase of 60.6%, as seen from recent filings.

Within the same period, the bank grew its asset from N18.5 billion to N27.5 billion, representing a 48.49% growth.

The bank is repositioned for growth with the recently concluded right issue exercise, which was oversubscribed, and which will increase its capital by circa N3 Billion.

In the last few months, the bank, one of the oldest mortgage banks in the country, grew its deposit liability to N14 Billion from N6 Billion in 2020 through aggressive sales drive and increased brand visibility.

The management said to attain the next phase of growth, it had identified key areas to drive revenue which included mortgage/construction finance, treasury related activities and aggressive customer acquisition through the launch of its digital channels.

This result reveals the success of some strategic initiatives in the year 2020 which included; a change in senior management/executives, hiring of strategic talents and strengthening of the workforce, write-off of non-performing loans, and an enhanced credit risk management system.