ABBEY MORTGAGE BANK : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

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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 MARCH, 2023

CONDENSED REPORTS

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ABBEY MORTGAGE BANK PLC
REPORT FOR THE PERIOD ENDED 31 MARCH, 2023
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	39
Five-Year Financial Summary	40

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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 March 2023. 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
N1,337.69 million	N121.38 million	N115.11 million

MAJOR INCOME STATEMENT ITEMS	2023	2022	INCREASED/
	March	March	(DECREASED)
	N'000	N'000	%
Gross Earnings	1,337,693	1,030,696	29.79
Net Operating Income	535,163	487,562	9.76
Profit Before Tax	121,382	128,907	(5.84)
Profit After Tax	115,106	123,754	(6.99)
EarningsPer Share:
-Basic(Kobo)	4.53	4.88	(6.99)
MAJOR STATEMENT OF FINANCIAL POSITION ITEMS	2023	2022	INCREASED/
	March	December	(DECREASED)
	N'000	N'000	%
Loans and advances to customers	5,433,209	5,159,962	5.30
Deposits from customers	33,320,445	27,627,752	20.60
Total Assets	43,799,861	39,858,233	9.89
Total Equity	7,813,519	7,698,414	1.50

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ABBEY MORTGAGE BANK PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31 MARCH, 2023

		UNAUDITED	UNAUDITED
		3 Months	3 Months
		Mar-23	Mar-22
	Notes	₦'000	₦'000
Interest income	3	1,297,348	973,320
Interest expense	4	(802,530)	(545,134)
Net interest income		494,818	428,186
Fees and commision income	5	16,079	41,373
(Loss)/profit on disposal of non-current assets held for sale		-	2,000
Other operating income	6	24,266	16,003
Total operating income		535,163	487,562
Credit loss expense	7	-	-
Net operating income		535,163	487,562
Personnel expenses	8	(158,271)	(124,555)
Depreciation	9	(36,283)	(20,293)
Amortisation	21	(2,369)	(1,144)
Other operating expenses	10	(216,858)	(212,663)
Total operating expenses		(413,781)	(358,655)
Profit or (Loss) before income tax expense		121,382	128,907
Income tax expense	11	(6,276)	(5,153)
Profit or (Loss) for the period		115,106	123,754
Other comprehensive Income		-	-
Total comprehensive Income for the year net of tax		115,106	123,754
Earnings per share attributable to ordinary equity holders	12
4.53	4.88
(Kobo) - Basic and Diluted

The accompanying notes form part of these financial statements.

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