BUSINESS

Abbey Mortgage Bank Posts N830.43m Pre-Tax Profit For Period Ended December 2022

 

 

Abbey Mortgage Bank Plc has released its unaudited for the period ended December 31st, reporting a pre-tax profit of N830.43 million.

NewsBeatng reports that this represents a 26% increase from the N661.06 million which the company reported during the same period in 2021.

Gross earnings  

December 2022: N5.85 billion

December 2021: N3.67 billion

Change: +59%

Total operating income  

December 2022: N3.04 billion

December 2021: N1.99 billion

Change: +52.8%

Total operating expenses 

December 2022: N1.92 billion

December 2021: N1.52 billion

Change: +26%

Pre-tax profit 

December 2022: N830.43 million

December 2021: N661.06 million

Change: +26.62%

Net Profit after tax

December 2022: N664.35 million

December 2021: N622.19 million

Change: +6.77%

The growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.

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