Abbey Mortgage Bank Plc recorded a 23% increase in profit after tax, reaching N1.07bn for the 2024 financial year, compared to N871.3m.
The bank’s audited financial statement, published on the Nigerian Exchange Limited, highlighted that the profit surge was driven by a 66% rise in interest income, growing to N11.95bn.
However, the bank’s interest expenses also saw an 85% increase, reaching N8.56bn from N4.63bn, mainly due to higher funding costs affecting overall financial performance.
Despite rising expenses, net interest income increased to N3.4bn from N2.57bn, reflecting improved earnings for the mortgage institution.
Abbey Mortgage Bank also reported N207.7m in fees and commission income and N272.1m in other income, bringing total operating income to N3.88bn.
Operating expenses climbed to N2.56bn from N2.34bn, mainly due to higher personnel costs and depreciation charges recorded during the period.
Meanwhile, tax expenses doubled to N160.8m from N80.1m, impacting the bank’s overall bottom line and financial position.
The bank’s total assets expanded by 46%, increasing to N84.25bn from N57.54bn in the previous year, driven by stronger customer deposits.
Deposits grew significantly to N53.9bn from N40.05bn, while loans and advances to customers dropped to N12.07bn from N14.14bn, reflecting a cautious lending approach.
Abbey Mortgage Bank’s equity base strengthened to N9.23bn from N8.57bn, supported by higher retained earnings and statutory reserves.
Earnings per share improved to 11 kobo from nine kobo, signaling better returns for shareholders in the financial year.
