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Abbey Mortgage Bank Grow Gross Earnings by 142% – THISDAYLIVE

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Abbey Mortgage Bank has announced a gross earnings of N3.68billion for the year ended on December 31, 2021, an increase of 142 per cent over N1.52billion recorded the previous year.

The Chairman Abbey Mortgage Bank, Mr. Emmanuel Kanu disclosed this at the 30th Annual General Meeting of the bank in Lagos.

He said: “Two years ago, the Management of Abbey with the support of the board made some strategic decisions towards addressing legacy delinquent assets. I am extremely proud of the progress we made in the last twelve months and the outcome that continues to validate our strategic direction.” “We ramped up recovery effort which led to a net write-back off N180 million against a net credit loss of N3.8billion in 2020. while Pre-Tax Profit at the end of the year stood at N661million compared to -N4.2billion in 2020.

 

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