Abbey Mortgage Bank announces 25% growth in PBT to N827.26m in FY 2022
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.
