Abbey Mortgage Bank reports 29% profit increase as interest income climbs to N11.9 billion 

This indicates a 29.18% increase compared to the N951.3 million reported the previous year, fueled by a rise in interest income.

The bank’s interest income reached N11.9 billion, up 65.96% from N7.2 billion the year before.

Of the total interest income, cash and short-term funds accounted for the largest share, followed by loans and advances, and investment securities at amortized cost.

Furthermore, the bank’s total assets increased to a robust N84.2 billion, up from N57.5 billion the previous year. A significant portion of these assets, N53.6 billion, came from securities at amortized cost.

Abbey Mortgage Bank Plc reported a substantial increase in interest income for the year ended December 31, 2024, rising by 65.96% year-over-year to N11.9 billion, compared to N7.2 billion in the previous year.

However, interest expenses also rose sharply to N8.5 billion, with customer-related costs forming a significant portion of this total.

Fees and commission income declined to N207.6 million from N395 million in the previous year, with advisory fees making up the largest share at N156 million and mortgage fees at N51.6 million.

More favorably, other income grew by 25.03% year-over-year, reaching N272 million, compared to N217.5 million reported the previous year.

Ultimately, the bank’s pre-tax profit increased by 29.18% to N1.2 billion, compared to N951.3 million in 2023, while post-tax profits rose by 22.60% to N1 billion.

Abbey Mortgage Bank’s total assets reached N84.2 billion, up from N57.5 billion reported the previous year.

Retained earnings surged to N1.1 billion from N623.5 million reported the previous year, while statutory reserves increased to N686.3 million, up from N472.6 million.