Abbey Mortgage Bank Rises by 16% Amidst Transition Plan
Abbey Mortgage Bank Plc gained investors’ attention on the Nigerian Exchange, NGX, as the financial services company’s share price surged by more than 16% week on week.
The mortgage company’s market value increased due to positive sentiment amidst a mixed trading session in the local bourse last week. Its share price climbed to N3.6 on Friday on the back of 381,143 volume transacted at a total value worth N1,404,102.30.
Abbey Mortgage Plc moved higher twice in the week. The first gained recorded was on Thursday. The renewed investors’ interest in the financial services company spurred its market value to N36.553 billion.
At the extraordinary general meeting, Abbey Mortgage Bank’s board of directors obtained approval to raise capital in order to meet the new capital base for commercial banks. The mortgage lender plans to convert its operational licence to a full-fledged regional commercial bank, which would necessitate further capital injection.
Earnings
Abbey Mortgage Bank Plc grew by 40% year-on-year profit to N1.221 billion in 2024, from N871 million at the end of 2023. The bottom line performance was driven by sizeable growth in net interest income, supported by improved non-core activities of the mortgage lender.
In 2024, Abbey Mortgage Bank’s total operating income grew by about 20% to N3.810 billion, according to an unaudited financial statement from N3.186 billion in the comparable period.
At the same time, operating expenses grew by 8% to N2.527 billion from N2.343 billion amidst heavy inflationary conditions in Nigeria. This kept net income at N1.221 billion in 2024. #Abbey Mortgage Bank Rises by 16% Amidst Transition Plan Treasury Bills Yield Declines as CBN Halts Inflation Fighting
