ABBEY MORTGAGE BANK : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

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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 31 DECEMBER 2021

CONDENSED REPORTS

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ABBEY MORTGAGE BANK PLC
REPORT FOR THE PERIOD ENDED 31 DECEMBER, 2021
CONTENTS	Page
Introduction	3
Result at a Glance	4
Statement of Profit or Loss and Other Comprehensive Income	10
Statement of Financial Position	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Statement of Regulatory Risk Reserve	14
Notes to the Financial Statements	15
Statement of Value Added	45
Five-Year Financial Summary	46

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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 31 December, 2021. 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
N3,819.39 million	N767.18 million	N599.13 million

	December	December	(DECREASED)
	N'000	N'000	%
Gross Earnings	3,819,385	1,519,445	151.37
Net Operating Income	2,205,441	(2,907,860)	(175.84)
Profit Before Tax	767,180	(4,297,872)	(117.85)
Profit After Tax	599,126	(4,301,619)	(113.93)
EarningsPer Share:
-Basic(Kobo)	5.90	(60.55)	(109.75)
MAJOR FINANCIAL POSITION ITEMS	2021	2020	INCREASED/
	December	December	(DECREASED)
	N'000	N'000	%
Loans and advances to customers	6,016,220	4,788,092	25.65
Deposits from customers	21,276,907	14,629,440	45.44
Total Assets	34,416,554	18,520,350	85.83
Total Equity	6,909,181	3,355,041	105.93

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ABBEY MORTGAGE BANK PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 DECEMBER, 2021

		UNAUDITED	AUDITED
		12 Months	12 Months
		Dec-21	Dec-20
	Notes	₦'000	₦'000
Interest income	3	3,353,248	1,399,438
Interest expense	4	(1,613,944)	(539,378)
Net interest income		1,739,304	860,060
Fees and commision income	5	135,290	601
(Loss)/profit on disposal of non-current assets		(5,570)	(860)
held for sale
Other operating income	6	150,024	120,266
Total operating income		2,019,048	980,067
Credit loss expense	7	186,393	(3,887,927)
Net operating income		2,205,441	(2,907,860)
Personnel expenses	8	(510,425)	(414,441)
Depreciation	9	(71,754)	(57,678)
Amortisation	21	(4,613)	(6,502)
Other operating expenses	10	(851,469)	(911,391)
Total operating expenses		(1,438,261)	(1,390,012)
Profit or (Loss) before income tax expense		767,180	(4,297,872)
Income tax expense	11	(168,054)	(3,747)
Profit or (Loss) for the period		599,126	(4,301,619)
Other comprehensive Income		-	-
Total comprehensive Income for the year net of tax	599,126	(4,301,619)
Earnings per share attributable to ordinary equity	12	5.90	-66.57
holders (Kobo) - Basic and Diluted

The accompanying notes form part of these financial statements.

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