ABBEY MORTGAGE BANK : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

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ABBEY MORTGAGE BANK PLC Head Office: 23, Karimu Kotun Street, Victoria Island, Lagos.

Tel: [phone]

eMail: [e-mail] Website: www.abbeymortgagebank.com TIN: 01334740-0001

ABBEY MORTGAGE BANK PLC

LAGOS, NIGERIA

UNAUDITED IFRS FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE, 2022

CONDENSED REPORTS

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ABBEY MORTGAGE BANK PLC
REPORT FOR THE PERIOD ENDED 30 JUNE, 2022
CONTENTS	Page
Introduction	3
Result at a Glance	4
Statement of Profit or Loss and Other Comprehensive Income	5
Statement of Financial Position	6
Statement of Changes in Equity	7
Statement of Cash Flows	8
Statement of Regulatory Risk Reserve	9
Notes to the Financial Statements	10
Statement of Value Added	40
Five-Year Financial Summary	41

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ABBEY MORTGAGE BANK PLC

Introduction

Abbey Mortgage Bank's Financial Statements complies with the applicable legal requirements of the Nigerian Securities and Exchange Commission regarding interim financial statements for the period ended 30 June 2022. These financial statements contain extract of the unaudited financial statements prepared in accordance with 'Internarional Financial Reporting Standards' and its interpretation issued by the International Accounting Standards and adopted by the Financial Reporting Council of Nigeria. For better understanding, certain disclosures and some prior period figures have been presented in line with the reporting periods' figures. Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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ABBEY MORTGAGE BANK PLC
RESULT AT A GLANCE
GROSS EARNINGS	PROFIT BEFORE TAX	PROFIT AFTER TAX
N2,465.00 million	N442.64 million	N354.12 million

MAJOR INCOME STATEMENT ITEMS
	June	June	(DECREASED)
	N'000	N'000	%
Gross Earnings	2,464,999	1,539,655	60.10
Net Operating Income	1,236,597	947,051	30.57
Profit Before Tax	442,644	318,618	38.93
Profit After Tax	354,115	254,894	38.93
EarningsPer Share:
-Basic(Kobo)	6.97	6.99	(0.21)
MAJOR STATEMENT OF FINANCIAL POSITION ITEMS
	June	December	(DECREASED)
	N'000	N'000	%
Loans and advances to customers	5,546,564	6,161,141	(9.98)
Deposits from customers	32,875,300	21,276,904	54.51
Total Assets	43,453,355	34,460,433	26.10
Total Equity	7,286,369	6,932,254	5.11

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ABBEY MORTGAGE BANK PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30 JUNE, 2022

		UNAUDITED	UNAUDITED	UNAUDITED	UNAUDITED
		6 Months	3 Months	6 Months	3 Months
		Jun-22	Jun-22	Jun-21	Jun-21
	Notes	₦'000	₦'000	₦'000	₦'000
Interest income	3	2,194,002	1,210,682	1,388,166	823,594
Interest expense	4	(1,228,402)	(683,268)	(592,604)	(343,555)
Net interest income		965,600	527,414	795,562	480,039
Fees and commision income	5	206,581	165,208	35,630	7,476
(Loss)/profit on disposal of non-current assets held for sale		2,000	-	(540)	-
Other operating income	6	62,416	46,413	116,399	88,829
Total operating income		1,236,597	739,035	947,051	576,344
Credit loss expense	7	-	-	-	-
Net operating income		1,236,597	739,035	947,051	576,344
Personnel expenses	8	(266,842)	(142,287)	(249,013)	(126,690)
Depreciation	9	(42,462)	(22,169)	(33,687)	(17,582)
Amortisation	21	(2,316)	(1,172)	(2,318)	(1,094)
Other operating expenses	10	(482,333)	(269,670)	(343,415)	(188,515)
Total operating expenses		(793,953)	(435,298)	(628,433)	(333,881)
Profit or (Loss) before income tax expense		442,644	303,737	318,618	242,463
Income tax expense	11	(88,529)	(60,747)	(63,724)	(48,493)
Profit or (Loss) for the period		354,115	242,990	254,894	193,970
Other comprehensive Income		-	-	-	-
Total comprehensive Income for the year net of tax		354,115	242,990	254,894	193,970
Earnings per share attributable to ordinary equity holders	12	6.97	7.67	6.99	7.71
(Kobo) - Basic and Diluted

The accompanying notes form part of these financial statements.

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