Abbey Mortgage reports profit slump by 15% for H1

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Abbey Mortgage plc is reporting 15% fall in profit to NGN31.9 million compared to NGN37.5 million recorded same period in the financial year 2016.

Gross interest income NGN658.3 million compared to NGN581.2 million posted in the previous year, interest expense rose to NGN232.3 million from NGN163.2 million in the year before.

The bank’s net interest income increased NGN425.9 million against NGN417.9 million in the fiscal year 2016 while net operating income reduced to NGN454.7 million against NGN492.5 million in the year 2016. The bank had no impairment charges record for the period.

Total assets at the end of the period was NGN12.6 billion total assets in half year 2017 compared to NGN12.4 billion acquired in the year before while total liabilities was NGN6.1 billion versus NGN6.0 billion in 2016.

Read more https://pageone.ng/2017/07/28/abbey-mortgage-plc-profit-fell/