By Philemon Adedeji
Abbey Mortgage Bank Plc has released its audited financial results for the full year ended December 31, 2022, showing impressive performance across major indices, announcing its profit before tax (PBT) which increased by 25.14 per cent year-on-year to close the year under review at N827.26 million, from N661.19 million recorded as of end of December 31, 2021.
Despite the highly challenging global economic and business environment, Abbey recorded a profit before tax growth of 25.14 per cent to close the year under review at N827.26 million, from N661.19 million recorded in 2021.
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.
From the profit and loss figures the bank Profit after tax (PAT) reported grew significantly by 23.14 per cent to N766.16 million in 2022, compared to N622.19 million recorded in the prior financial year.
Interest income rose to N2.03 billion from N1,63 billion recorded during the comparable period of the 2022 first quarter, representing a 24.53 per cent growth.
The bank reported a 21.89 per cent growth in total operating income from N233.60 million in 2021 to N284.75 million in 2022.
The full-year financials, filed by the Bank at Nigerian Exchange Limited (NGX), showed that interest income rose significantly to N2.03 billion from N1.63 billion recorded in the 2021 financial year, representing 24.53 per cent growth.
This is on the back of increasing inflation which the economy continues to struggle with. The headline inflation rate rose to 22.04 per cent in March, a 0.13 per cent increase from the 21.91 per cent rate recorded in February, according to the latest report published by the Nigerian Bureau of Statistics (NBS) on Friday.
The report said the increase was buoyed by the jump in prices of food, housing, fuel and gas, among others. The figure shows a consistent increase in the inflation rate for the last two years.
On a year-on-year basis, the headline inflation rate was 6.13 per cent points higher compared to the rate recorded in March 2022 which was 15.92 per cent
The financial results obtained by showed that the bank reported a 21.89 per cent year -on -year growth in total operating income from N233.60 million in 2021 to N284.75 million in 2022.
Ecobank declares N182.92bn PAT in Q3 2023
Ecobank Transnational Incorporated, has recorded a profit of N182.92 billion in its third quarter 2023 results.
According to the results posted on the Nigerian Exchange Limited (NGX) website, the Bank announced a 59 percent gross earnings growth in Q3 2023 Results.
The Gross earnings also grew by 59 percent from N761.30 billion to N1.211 trillion.
According to the results, profit before tax stood at N262.17 billion.
Meanwhile in its second quarter results Pre-tax profit increased to N92.52 billion from N56.89 billion profit in Q2 2022.
The increase in second-quarter profits helped its half-year profit before tax to rise by 38 percent to N150.31 billion compared to N108.96 billion in the same period last year.
Market capitalisation gains N44.16bn as NGX ASI advances by 0.11%
Since the recent announcement of recapitalisation by the Central Bank of Nigeria Governor, the market had continued to see a rise in investment moves amongst banks thereby boosting the market capitalisation of the NGX.
As at yesterday’s trading, the NGX Market CAP recorded a gain of N44.16billion in Naira terms while the NGX All-Share Index (ASI) advanced by 0.11 percent.
Compared to the previous day’s gain of 0.34 percent, which closed at 71,284.56 basis points, the NGXASI now stands at 39.25 percent.
The total volume of stocks traded also advanced by 49.77 percent to close at N540.09 million, valued at N10.24 billion and traded in 6,516 deals. GTCO was the most traded stock by volume and value, with N67.23 million and N2.60 billion units traded.
At the close of trading, the market recorded 25 gainers, 31 losers, and 55 unchanged. NNFM topped the gainers list, while NSLTECH topped the list of losers.
Naira hits N831.47/$1 in official market
The Nigerian naira appreciated against the dollar on Wednesday, 29th November 2023, closing at N831.47/$1 at the official market.
The positive trajectory aligns with expectations among experts, who anticipated that the Central Bank of Nigeria’s (CBN) recent initiative to clear a portion of its FX backlog would boost confidence in the currency.
The domestic currency appreciated 6.06 percent to close at N831.47 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.
This represents an N50.41 gain or a 6.06 percent increase in the local currency compared to the N841.14 it closed on Tuesday.
The intraday high recorded was N1159/$1, while the intraday low was N700/$1, representing a wide spread of N459/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $140.35 million, representing a 18.88 percent growth compared to the previous day.
However, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26 percent, quoted at N1160/$1, while peer-to-peer traders quoted around N1159.47/$1.
The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.
The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.
Governor of the CBN, Yemi Cardoso, disclosed this on Friday at the bankers’ dinner in Lagos.
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