Abbey Mortgage Bank N766.16m PAT Despite 54.6% Rises in Operating Expenses

Abbey Mortgage Bank Plc has released its audited financial results for the full year ended December 31, 2022, showing impressive performance across major indices.

The full-year financials, filed by the Bank at Nigerian Exchange Limited (NGX), showed that its Profit after tax (PAT) grew by 23.14% to N766.16 million in 2022, compared to N622.19 million recorded the year before.

This is despite the significant increase in its operating expenses for the year estimated at 54.6% increase from N1.52 billion in 2021 to N2.35 billion in 2022.

Despite the highly challenging global economic and business environment, Abbey recorded a profit before tax growth of 25.14% to close the year under review at N827.26 million, from N661.19 million recorded in 2021.

Meanwhile, its interest income rose significantly to N2.03 billion from N1.63 billion recorded in the 2021 financial year, representing 24.53% growth.

This is on the back of increasing inflation which the economy continues to struggle with. The headline inflation rate rose to 22.04% in March, a 0.13% increase from the 21.91% 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% points higher compared to the rate recorded in March 2022 which was 15.92%.

The financial results obtained by BUSINESS METRICS showed that the bank reported a 21.89% growth in total operating income from N233.60 million in 2021 to N284.75 million in 2022.

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