- FBN HOLDINGS PLC – REMEDIATING THE PAST, REINVIGORATED TO UNLOCK VALUE.
- DIAMOND BANK PHOTONEWS
- Stanbic IBTC introduces Nigeria’s first instant online account opening service
- Diamond Bank Strengthens Growth in Q1 2017…Asset base jumps to N2.07trn
- GTBank Releases Q1 2017 Unaudited Results …….. Reports Profit before Tax of ₦50.39Billion
- Stanbic IBTC pledges to change perception of insurance industry
- Benefits of financial knowledge among youth – Stanbic IBTC Bank
- Stanbic IBTC highlights role of employers in pension scheme
- Global Communications Firm Hires P+ Measurement Services To Provide Media Monitoring Service in Ghana Market.
- Stanbic IBTC announces Key Executive Appointments:
Abbey Mortgage Bank records N76million in profit for Q1 2021
The mortgage industry is recording exciting news as one of the oldest Abbey Mortgage Bank recorded a Profit-Before-Tax of N76 million in Q1 2021, which is a positive deviation from the loss position of N4billion as at December 2020. It also grew its deposit from N14.6 billion to N23.5 billion between 31st December 2020 and 31st March 2020, representing a Q-o-Q increase of 60.6%. Within the same period, the bank grew its asset from N18.5 billion to N27.5 billion, representing a 48.49% growth.
The Bank is repositioned for growth with the recently concluded right issue exercise which will increase the capital of the bank by circa N3 Billion. The huge success of the right issue which was oversubscribed is also an indication of the confidence that the shareholders have in the management and the strategic intention of the bank.
In the last few months, the bank grew its deposit liability to N14 Billion from N6 Billion in 2020 through aggressive sales drive and increased brand visibility. To attain the next phase of growth, the management has identified key areas to drive revenue which includes mortgage/construction finance, treasury related activities and aggressive customer acquisition through the launch of its digital channels.
This result reveals the success of some of the strategic initiatives in the year 2020 which included; a change in senior management/executives, hiring of strategic talents and strengthening of the workforce, write-off of non-performing loans, and an enhanced credit risk management system
With the new top management team led by MD/CEO Mr. Madu Hamman, and the new process and frameworks implemented in the bank, there seems to be a pattern of growth emerging.