Content Classified as Confidential
ABBEY MORTGAGE BANK PLC Head Office: 23, Karimu Kotun Street, Victoria Island, Lagos.
Tel: +234-1-9035700; +234 -1-9057325
eMail: enquiries@abbeymortgagebank.com Website: www.abbeymortgagebank.com TIN: 01334740-0001
ABBEY MORTGAGE BANK PLC
LAGOS, NIGERIA
UNAUDITED IFRS FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
CONDENSED REPORTS
Classified as Confidential
Content Classified as Confidential
ABBEY MORTGAGE BANK PLC | |
REPORT FOR THE PERIOD ENDED 31 DECEMBER, 2021 | |
CONTENTS | Page |
Introduction | 3 |
Result at a Glance | 4 |
Statement of Profit or Loss and Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Statement of Regulatory Risk Reserve | 14 |
Notes to the Financial Statements | 15 |
Statement of Value Added | 45 |
Five-Year Financial Summary | 46 |
#Classified as Confidential | Page 2 |
ABBEY MORTGAGE BANK PLC
Introduction
Abbey Mortgage Bank's Financial Statements complies with the applicable legal requirements of the Nigerian Securities and Exchange Commission regarding interim financial statements for the period ended 31 December, 2021. These financial statements contain extract of the unaudited financial statements prepared in accordance with 'Internarional Financial Reporting Standards' and its interpretation issued by the International Accounting Standards and adopted by the Financial Reporting Council of Nigeria. For better understanding, certain disclosures and some prior period figures have been presented in line with the reporting periods' figures. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
Classified as Confidential | Page 3 |
Content Classified as Confidential
ABBEY MORTGAGE BANK PLC | ||
RESULT AT A GLANCE | ||
GROSS EARNINGS | PROFIT BEFORE TAX | PROFIT AFTER TAX |
N3,819.39 million | N767.18 million | N599.13 million |
December | December | (DECREASED) | |
N'000 | N'000 | % | |
Gross Earnings | 3,819,385 | 1,519,445 | 151.37 |
Net Operating Income | 2,205,441 | (2,907,860) | (175.84) |
Profit Before Tax | 767,180 | (4,297,872) | (117.85) |
Profit After Tax | 599,126 | (4,301,619) | (113.93) |
EarningsPer Share: | |||
-Basic(Kobo) | 5.90 | (60.55) | (109.75) |
MAJOR FINANCIAL POSITION ITEMS | 2021 | 2020 | INCREASED/ |
December | December | (DECREASED) | |
N'000 | N'000 | % | |
Loans and advances to customers | 6,016,220 | 4,788,092 | 25.65 |
Deposits from customers | 21,276,907 | 14,629,440 | 45.44 |
Total Assets | 34,416,554 | 18,520,350 | 85.83 |
Total Equity | 6,909,181 | 3,355,041 | 105.93 |
Classified as Confidential | Page 4 |
ABBEY MORTGAGE BANK PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER, 2021
UNAUDITED | AUDITED | ||
12 Months | 12 Months | ||
Dec-21 | Dec-20 | ||
Notes | ₦'000 | ₦'000 | |
Interest income | 3 | 3,353,248 | 1,399,438 |
Interest expense | 4 | (1,613,944) | (539,378) |
Net interest income | 1,739,304 | 860,060 | |
Fees and commision income | 5 | 135,290 | 601 |
(Loss)/profit on disposal of non-current assets | (5,570) | (860) | |
held for sale | |||
Other operating income | 6 | 150,024 | 120,266 |
Total operating income | 2,019,048 | 980,067 | |
Credit loss expense | 7 | 186,393 | (3,887,927) |
Net operating income | 2,205,441 | (2,907,860) | |
Personnel expenses | 8 | (510,425) | (414,441) |
Depreciation | 9 | (71,754) | (57,678) |
Amortisation | 21 | (4,613) | (6,502) |
Other operating expenses | 10 | (851,469) | (911,391) |
Total operating expenses | (1,438,261) | (1,390,012) | |
Profit or (Loss) before income tax expense | 767,180 | (4,297,872) | |
Income tax expense | 11 | (168,054) | (3,747) |
Profit or (Loss) for the period | 599,126 | (4,301,619) | |
Other comprehensive Income | - | - | |
Total comprehensive Income for the year net of tax | 599,126 | (4,301,619) | |
Earnings per share attributable to ordinary equity | 12 | 5.90 | -66.57 |
holders (Kobo) - Basic and Diluted | |||
The accompanying notes form part of these financial statements.
Classified as Confidential | Page 5 |
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Abbey Mortgage Bank plc published this content on 28 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2022 13:22:27 UTC.