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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