Prime Business AfricaAbbey Mortgage Bank has reported its revenue increased by 76.56 percent, after recording N3.68 billion in the first quarter (Q1) of 2025, compared to the N2.08 billion generated in the corresponding period in 2024.
According to the company’s unaudited condensed financial statements for the period ended March 31, 2025, interest expense rose by 97.18 percent year-on-year, from N1.39 billion to N2.75 billion.
Join our WhatsApp ChannelWith interest expense rising faster than interest income, net interest income grew by 34.62 percent, from N687.45 million in the first quarter of 2024 to N925.49 million during the same period this year.
Also, other operating income increased by double-digit to N50.69 million in Q1 2025, from N41.99 million posted in Q1 of the previous year, reflecting an increase of 20.72 percent.
Although total operating income grew by 21.21 percent year-on-year, rising from N841.33 million to N1.01 billion, total operating expenses rose by 15.60 percent, from N571.27 million to N660.44 million.
Regardless, Abbey Mortgage reported a 33.05 percent increase in its profit before tax (PBT), which increased to N359.34 million in the first quarter of this year, exceeding the N270.06 million reached in Q1 2024.
Consequently, its tax income grew by 68.64 percent to N18.88 percent in Q1 2025, compared to the N11.19 million tax filed in the corresponding period of 2024.
However, despite the significant increase in its tax income, Abbey Mortgage Bank saw its profit after tax (PAT) increase to N340.45 million in Q1 this year, surpassing the N258.86 million reported in Q1 of the previous year, reflecting a 31.51 percent increase.
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