Abbey Mortgage Bank Trades Flat Amidst Divestment Notice

Abbey Mortgage Bank Plc is expecting its profit to reach approximately N220 million in the third quarter of financial year 2024. On the Nigerian Exchange, the mortgage bank share price has remained flat for seven days straight.

Further details showed that the Mortgage lender is priced at N2.70 per share, with market valuation of N27.415 billion at the end of trading session on Friday.

VFD Group recently announced it has obtain board approval as part of its strategic portfolio realignment to sell a 30 percent equity stake in Abbey Mortgage Bank Plc, representing the equivalent of the group’s holdings. The divestment would release more than N8.2 billion to VFD group at current market valuation.

In its third quarter of 2024 earnings forecast, the Abbey Mortgage bank estimated N1.93 billion in gross earnings in the same period. The company forecasted that its interest income would print at N1.896 billion, offset by forecasted sum of N1.151 billion payable to providers of funds as interest expenses.

As a result, Abbey Mortgage Bank Plc expects net revenue from funds to print at about N745 million in the third quarter of 2024. The company expects other income of N33.84 million in the same period, and it forecasted operating expenses to reach N526.96 million.

Hence, profit before tax is estimate to reach N251.691 million in the period. Offset with tax expenses which the company forecasted to reach N31.713 million in Q3, net profit for the period is expected to settle at N219.977 million. #Abbey Mortgage Bank Trades Flat Amidst Divestment Notice

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