QUICK TAKE: Abbey mortgage Bank targets N1.5 billion gross earnings in Q1 2023
Abbey Mortgage Bank Plc said it is targeting to achieve N1.47 billion in gross earnings during the first quarter of 2023.
This is contained in its Q1 2023 earnings forecast released via the Nigerian Exchange (NGX) and seen by Nairametrics.
The projections: The mortgage bank also projected to rake in N1.37 billion in interest income. Projections for profit before and after tax were put at N202.52 million and N157.03 million, respectively. Forecasted taxation for the period was put at at N45.48 million.
Latest earnings: According to the company’s unaudited financial report for the nine months ended September 30, 2022, gross earnings grew by 50.17% to N4.00 billion from N2.66 billion in 2021.
- Profit before tax stood at N771.48 million as against N592.85 million in 2021, representing a growth of 30.13%. The growth was driven largely by net interest income of N1.562 billion reported during the period under review as against N1.297 billion posted in 2021, accounting for an increase of 20.43%.
- Operating income grew by 31.02% to N2.048 billion as against N1.563 billion in 2021.
- The bank’s total assets stood at N44.102 billion in Q3’2022 as against N34.460 billion reported in 2021, an increase of 27.98%.