Abbey Mortgage Bank reports 27% pre-tax profit increase for period ended December 2022

Abbey Mortgage Bank Plc has released its unaudited for the period ended December 31st, reporting a pre-tax profit of N830.43 million.

This represents a 26% increase from the N661.06 million which the company reported during the same period in 2021.

Key details of the unaudited financial report are summarised below.

Gross earnings  

December 2022: N5.85 billion

December 2021: N3.67 billion

Change: +59%

Total operating income  

December 2022: N3.04 billion

December 2021: N1.99 billion

Change: +52.8%

Total operating expenses 

December 2022: N1.92 billion

December 2021: N1.52 billion

Change: +26%

Pre-tax profit 

December 2022: N830.43 million

December 2021: N661.06 million

Change: +26.62%

Net Profit after tax

December 2022: N664.35 million

December 2021: N622.19 million

Change: +6.77%

Bottom line: 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.