Abbey Mortgage Bank records N76 million in profit for Q1 2021

Abbey Mortgage Bank records N76 million in profit for Q1 2021

January 26, 2022Business

The Bank is repositioned for growth with the recently concluded right issue exercise which will increase the capital of the bank by circa N3 Billion. The success of the right

 

The mortgage industry is recording exciting news as one of the oldest Abbey Mortgage Bank recorded a Profit-Before-Tax of N76 million in Q1 2021, which is a positive deviation from the loss position of N4billion as of December 2020 and 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%. 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 will increase the capital of the bank by circa N3 Billion. The success of the right issue is also an indication of the confidence that the shareholders have in the management and the strategic intention of the bank.

In the last few months, the bank grew its deposit liability to N14 Billion from N6 Billion in 2020 through aggressive sales drive and increased brand visibility. To attain the next phase of growth, the management has identified key areas to drive revenue which includes mortgage/construction finance, treasury-related activities, and aggressive customer acquisition through the launch of its digital channels.

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

 
With the new top management team led by MD/CEO Mr. Madu Hamman, and the new process and frameworks implemented in the bank, there seems to be a pattern of growth emerging.

15 thoughts on “Abbey Mortgage Bank records N76 million in profit for Q1 2021”

  • Smith says: April 12, 2022 at 08:00 am

    3

  • Smith says: April 12, 2022 at 08:03 am

    3

  • Smith says: April 12, 2022 at 08:03 am

    3

  • Smith says: April 12, 2022 at 08:03 am

    3

  • Smith says: April 12, 2022 at 08:04 am

    3

  • Smith says: April 12, 2022 at 08:04 am

    3

  • Smith says: April 12, 2022 at 08:04 am

    3

  • Smith says: April 12, 2022 at 08:04 am

    3

  • Smith says: April 12, 2022 at 08:04 am

    3

  • Smith says: April 12, 2022 at 08:04 am

    3

  • Smith says: April 12, 2022 at 08:04 am

    3

  • Smith says: April 12, 2022 at 09:05 am

    3

  • Smith says: April 12, 2022 at 09:05 am

    3

  • Chima Kunle says: May 4, 2022 at 03:05 pm

    gfjgrfvjhbvuhbkj

  • Joe Capobianco says: June 6, 2022 at 02:23 pm

    Hello,

    Please i was just going through your bank for some business partnership as directed by my Market Vice President and its worth millions of dollars but going through some research i saw some news about your Bank,

    "VFD Group set to resubmit application to upgrade Abbey Mortgage Bank to commercial bank"

    I ignored but it still pops out on various news channels with links below,

    https://naijaonpoint.com.ng/vfd-group-set-to-resubmit-application-to-upgrade-abbey-mortgage-bank-to-commercial-bank/
    https://enews.com.ng/2022/06/vdf-set-to-resubmit-application-to-upgrade-abbey-mortgage-bank/
    https://www.ngbreakingnews.com/vdf-set-to-resubmit-application-to-upgrade-abbey-mortgage-bank-to-commercial-bank
    https://www.nggossips.com/2022/06/01/vdf-group-set-to-resubmit-application-to-upgrade-abbey-mortgage-bank-to-commercial-bank/
    https://www.newsngr.com.ng/2022/06/vfd-group-set-to-resubmit-application-to-upgrade-abbey-mortgage-bank-to-commercial-bank/
    https://www.newstimes.com.ng/vfd-group-set-to-resubmit-application-to-upgrade-abbey-mortgage-bank-to-commercial-bank/

    How true is this?

    I would want all this clarified and fixed before we can proceed with our partnership deal.

    Regards.

    Joe Capobianco
    VP, Strategic Client Management
    Capital One
    capitalone.com

Leave a Reply

Your email address will not be published. Required fields are marked *

Reply to Cancel reply
Comment *
Name *
Email *