Abbey mortgage reports NGN167.9 million loss in FY 2016

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Abbey Mortgage Bank, of the few mortgage and savings bank is reporting a net loss for the year 2016.

The bank recorded NGN960.8 million as interest income compared to NGN1.0 billion recorded in the financial year 2015. it interest expense for the year was NGN344.4 million compared to NGN436.5 million recorded in the year before.

The bank recorded NGN616.4 million net interest income for fourth quarter 2016 in contrast to NGN663.1 million recorded in the year before.

Operating income for the year was nearly unchanged at NGN874.5 million in 2016 compared to NGN878.3 million recorded in 2015.

Abbey mortgage recorded NGN134.4 million loss before taxation in contrast to NGN227.2 million recorded in the year 2015.

After its tax expense, the total loss for the year was NGN167.9 million compared to NGN55.4 million recorded in the fiscal year 2015.

Abbey mortgage bank plc acquired total assets worth NGN12.4 billion compared to NGN12.7 billion acquired in the previous year. Its total liabilities for the year was NGN6.0 billion compared to NGN6.1 billion recorded in 2015.