Primary mortgage institution, Abbey Mortgage Bank Plc, has said its financial results for the year ended December 31, 2021, shows profit before tax, PBT, growth of 116 per cent.
According to a statement by the firm, the bank recorded PBT of N661.063million from a loss before tax (LBT) of N4.297billion in FY’2020.
Abbey Mortgage Bank Plc said it was committed to providing modern, affordable, and accessible housing finance solutions to its customers.
The annual report also shows that as of December 31, 2021, the bank’s total assets stood at N34.460 billion against N18.520billon in 2020, representing an increase of 86.07 per cent.
Profit after tax was N622.198million in 2021 as against a loss position of N4.301billion in 2020, representing an increase by 114.46per cent. Cash flow from operating activities increased by 54.15 per cent to N7.291billion in FY 2021 from N4.730billion in 2020
While commenting on the company’s scorecard, Managing Director, Abbey Mortgage Bank Plc, 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.”
Credit: punchng.com
