Abbey Mortgage Bank Plc has reported a 68.64 per cent increase in gross earnings for the first quarter of 2025, amounting to N3.77bn, compared to N2.24bn in the same period of 2024.
The bank’s unaudited financial statements for the period ended 31 March 2025 also show a 33.06 per cent rise in Profit Before Tax, which increased to N359.34m from N270.06m in Q1 2024. Profit After Tax grew by 31.52 per cent to N340.46m, up from N258.87m in the prior year.
Earnings per share for the period increased by 31.52 per cent to 13.41 kobo, from 10.20 kobo in Q1 2024.
The bank’s loans and advances to customers decreased by 7.31 per cent to N11.19bn from N12.07bn at the end of December 2024. Deposits from customers also declined by 4.16 per cent to N51.66bn from N53.90bn.
Total assets rose by 2.05 per cent to N85.98bn, up from N84.25bn in the previous quarter. Total equity increased by 3.69 per cent to N9.57bn, compared to N9.23bn at the end of December 2024.
The bank’s operating income for the quarter stood at N1.02bn, up by 21.21 per cent from N841.34m in the first quarter of 2024. Operating expenses increased by 15.59 per cent to N660.45m from N571.27m in the same period of 2024.
The bank’s cash and cash equivalents increased by 82.23 per cent to N27.86m from N15.30m as of December 2024.
The PUNCH reported that Abbey Mortgage Bank Plc recorded a 23 per cent increase in profit after tax to N1.07bn in its audited financial statements for the year ended December 31, 2024, compared to N871.3m in the previous year.
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