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Abbey Mortgage Bank expands frontiers, unveils new brand identity
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MTNN lifts trading on NGX by 0 15% - Vanguard News
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Goddy Egene
The VFD Group Plc, a proprietary investment company in Lagos has released its financial results for the year ended December 31, 2020. The results showed significant growth and resilience despite lingering uncertainties during the period under review. And based on the impressive performance, VFD Group Plc has proposed a final dividend of N8.51 per share for the shareholders.
Details of the results showed that the company’s gross earnings grew by 96 per cent to N6.65 billion in 2020 from N3.39 billion in 2019. Trading and other non-interest income grew by 47 per cent to N4.66 billion from N3.17 billion. Profit before tax (PBT) grew by 176 per cent from N1.478 billion in 2019 to N4.076 billion in 2020, supported by the business’s ability to keep cost growth lower than revenue growth as expenses grew by only 34 per cent.
Abbey Mortgage Bank Plc yesterday held its 29th Annual General Meeting with shareholders.
The meeting which took place in Lagos, brought together board members, regulators, shareholders, and other key stakeholders virtually and physically to review the bank’s performance in the last financial year ended 2020.
Speaking on the bank’s operating results, the Chairman, Board of Directors of the company, Mr. Emmanuel Kanu Ivi, revealed that the bank’s gross earnings grew by 9.5 per cent to N1.52 billion, up from the N1.38 billion it made the previous year, while its operating income grew by 10.5 per cent to N0.98 billion, up from N0.88 billion in 2019.
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