Abbey Building Lists on NSE
October 22, 2008 by Bunmi Awolusi
Having obtained an approval from the Nigerian Stock Exchange’s (NSE), council to list its shares on its official list, a Primary Mortgage Institution (PMI), Abbey Building Society Plc, has listed its shares on the stock exchange on 21st October 2008.
The total shares listed by the company equals 4.2 billion ordinary share of 50 kobo each at N3.50 per share.
Abbey in the financial year ended October 2007, performed extremely well and when compared to the previous year’s figures, it became very glaring that investment made in the restructuring of the organisation yielded fruitful results.
In the 2006/2007 financial year, Abbey Building recorded a 66% growth in its Deposit and other Accounts, which increase from N2.241 billion in 2005/2006 to N3.847 billion and representing a 72%increase. Total assets also increased by 63% from N3.397 billion recorded in 2005/2006 to N5.546 billion in the year under review.
The company’s earning rose to N630.009 million in 2006/2007 fiscal year from N379.294 million in 2005/2006 while profit before tax increased by 418% from N27.977 million in 2005/2006 to N144.888 million in 2006/2007 financial year. In the same vein, profit after tax increased to N111.292 million in 2006/2007 fiscal year from N12.753 million in the previous year, representing a 773% increase.
Abbey’s 10 month unaudited figures as at August 31, 2008 when compared to the same period in 2007 shows that total assets increased from N4.4 billion to N8.9 billion representing over N100%.
Gross earning for the 10 month period (August 2008) went up by 70% from N509.8 million to N871.6 million, while net interest margin improved from N149.7 million to N384.6 million, an increase of N156%.
Profit before tax during the same period under review, improved from N136.6 million to N229.4 million representing an increase of 118%.
