Abbey Mortgage Bank Plc has recorded a 46 percent surge in its total assets to N84.25 billion in the year ended December 31, 2024, from N57.54 billion in the previous year, reflecting an increased confidence in the bank by depositors and stakeholders.
According to its audited financial statements, this growth was driven by an increase in customer deposits which rose by 34.8 percent to N53.9 billion from N40.05 billion, strengthening the bank’s liquidity and enabling it to meet operational demands.
The decline in loans and advances of 15.9 percent to N12.1 billion from N14.4 billion signals a deliberate strategy to minimise risk exposure and a cautious lending approach which could in turn limit revenue opportunities from interest income in the short term.
Abbey Mortgage Bank Plc is a financial institution in Nigeria, specialising in mortgage banking, housing finance, and financial advisory services. In 2024, the bank recorded a 23 percent increase in after-tax profit to N1.07 billion compared to N871.3 million in the previous year.
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Further analysis reveals that the growth in profit was driven by a rise in interest income, which surged by 66 percent to N11.95 billion from N7.2 billion in 2023. In addition, the bank’s interest expenses also increased by 85 percent to N8.56 billion from N4.63 billion, reflecting the impact of higher funding costs.
Despite the rise in expenses, net interest income stood at N3.4 billion, up from N2.57 billion in the prior year. The bank also recorded N207.7 million in fees and commission income and N272.1 million in other income, bringing total operating income to N3.88 billion, an improvement from N3.19 billion in 2023.
Operating expenses rose to N2.56 billion from N2.34 billion, driven by higher personnel costs and depreciation charges. Taxation for the year increased to N160.8 million from N80.1 million, impacting the overall bottom line.
Abbey Mortgage Bank’s equity base rose to N9.23 billion from N8.57 billion, supported by a rise in retained earnings and statutory reserves.
The bank’s earnings per share improved to 11 kobo from nine kobo, indicating stronger returns for shareholders.
