Abbey Mortgage Bank has recorded a Profit-Before-Tax (PBT) of N76 million in the first quarter (Q1) of 2021.
This is a positive deviation from the loss it recorded as at December 2020.
It also grew its deposit from N14.6 billion to N23.5 billion between December 31, 2020 and March 31, 2021, representing a Q-o-Q increase of 60.6%, as seen from recent filings.
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 was oversubscribed, and which will increase its capital by circa N3billion.
In the last few months, the bank, one of the oldest mortgage banks in the country, grew its deposit liability to N14billion from N6 Billion in 2020 through aggressive sales drive and increased brand visibility.
The management said to attain the next phase of growth, it had identified key areas to drive revenue which included mortgage/construction finance, treasury related activities and aggressive customer acquisition through the launch of its digital channels.
This result reveals the success of some strategic initiatives in the year 2020, which included; a change in senior management/executives, hiring of strategic talents and strengthening of the workforce, write-off of non-performing loans, and an enhanced credit risk management system.
Source :Eye Witness Nigeria
