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Solid restructuring initiatives as well as focus on boosting earnings will add sheen to Abbey Mortgage Bank Plc as the lender continues to navigate the tough macroeconomic environment.
The shareholders of the company at the 31st extra-ordinary general meeting (EGM) that was held virtually and physically unanimously agreed that subject to the confirmation of the Court, equity be reduced by the sum of N6.35 billion which has been lost or is otherwise unrepresented by available assets and that the credit arising from reduction be used to eliminate the retained loss in the Company financial statements as at December 31st, 2022.
“That the Directors of the company be authorised to do all such things and acts, and to approve, sign, execute all documents which in their opinion may be necessary, expedient, or appropriate to effectuate, implement and carry out the above resolution including without limitation, to seek confirmation from the Federal High Court,” said the company.
The MD/CEO of Abbey Mortgage Bank, Mobolaji Adewumi, is optimistic that the company will continue to deliver higher returns to its owners through the payment of bumper dividends and share appreciation.
Despite inflationary pressures and higher interest rate, the Bank has continued its impressive profitable trajectory, generating record revenue for the third consecutive year in 2022 with a pre-tax profit of N827 million, a 25.14per cent rise from the 2021 position of N661million.
Of course, the Bank has maintained the growth trajectory into 2023. Gross earnings for the first six months were up 28.42 percent to N3.16 billion from N2.46 billion as at June 2022.
Loans and advances to customers in the first six months of 2023 surged by 106.12 percent to N10.63 billion from N5.15 billion the previous year.
Deposits from customers were up 20.34 percent to N33.24 billion in June 2023 from N27.62 billion as at June 2022.
Company Information
Abbey Mortgage Bank Plc (the Bank) is a mortgage bank.
The principal activities of the Bank are the provision of mortgage services, financial advisory, and real estate construction finance.
The Bank’s segments include Retail banking, which include Popular Savings, Abbey EasySave, Save to Own Account, Home Improvement and KidzSave; Business banking, which include Abbey Cash Management Account (ACMA), Abbey Certificate of Deposit (Abbey COD) and Abbey Housing Investment Fund (Hi-Fund) and Mortgage banking, which include Mortgage Calculator, Lending and Mortgage (Retail) and Lending and Mortgage (Wholesale).
The Bank also offers various deposits, such as demand deposits, savings deposits and term deposits. The Bank has eight branches.
It also offers construction loans, mortgage FMBN bonds, mortgage home loans, NHF Loans, school loans, staff mortgage loans, staff personal loans, staff share loan and other loans.