Abbey Mortgage Bank Plc has announced strong financial results for the first quarter of 2025, posting a 68.64 per cent rise in gross earnings to N3.77bn, up from N2.24bn recorded in the same period of 2024.
The bank’s unaudited financial statements for the period ended 31 March 2025 show a 33.06 per cent growth in Profit Before Tax (PBT), which rose to N359.34m from N270.06m in Q1 2024. Profit After Tax (PAT) also increased by 31.52 per cent to N340.46m, compared to N258.87m recorded in the previous year.
Earnings per share for the quarter stood at 13.41 kobo, a 31.52 per cent rise from the 10.20 kobo posted in Q1 2024.
However, the bank’s loans and advances to customers declined by 7.31 per cent, dropping to N11.19bn from N12.07bn as of December 2024. Similarly, customer deposits reduced by 4.16 per cent to N51.66bn, down from N53.90bn at the end of last year.
Despite the drop in loans and deposits, Abbey Mortgage Bank’s total assets increased by 2.05 per cent to N85.98bn, compared to N84.25bn in the previous quarter. Total equity rose by 3.69 per cent to N9.57bn, up from N9.23bn in December 2024.
The bank’s operating income also showed positive momentum, growing by 21.21 per cent to N1.02bn, compared to N841.34m in Q1 2024. Meanwhile, operating expenses rose by 15.59 per cent to N660.45m from N571.27m recorded in the same period last year.
Abbey Mortgage Bank also improved its liquidity position, as cash and cash equivalents jumped by 82.23 per cent to N27.86m, up from N15.30m as of December 2024.
The strong Q1 performance builds on the bank’s positive 2024 financial year results. Abbey Mortgage Bank posted a 23 per cent increase in profit after tax to N1.07bn for the year ended December 31, 2024, compared to N871.3m in 2023.
Abbey Mortgage Bank’s recent performance shows resilience amid economic challenges, as it continues to consolidate its position as one of Nigeria’s leading mortgage banks.
