Abbey Mortgage Bank grows PBT by 116% to N661m in 2021

By Temitope Adebayo

Abbey Mortgage Bank Plc (PMBN) has reported an increase of 116 per cent in its Profit Before Tax (PBT) to N661.063 million for the financial year ended December 31, 2021, as against Loss Before Tax (LBT) of N4.297billion in declared during the same period in 2020.

The Mortgage Bank’s annual report also shows that as of December 31, 2021, the bank’s total assets stood at N34.460billion as against N18.520billon in 2020, which represents an increase of 86.07percent.

Also, its Profit After Tax (PAT) of N622.198million in 2021 as against a loss position of N4.301billion in 2020 represents an increase by 114.46percent. Cash flow from operating activities increased by 54.15percent to N7.291billion in FY 2021 from N4.730billion in 2020

While commenting on the impressive scorecard, Bolaji Adewumi, Managing Director, Abbey Mortgage Bank Plc, 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”