2 months ago

BusinessDay 16 Apr 2018


20 BUSINESS DAY COMPANIES & MARKETS Abbey Mortgage Bank recurring loss up N212.3 million in FY 2017 C002D5556 Monday 16 April 2018 Endurance Okafor Abbey Mortgage Bank Plc, one of the listed firm in the Nigeria Stock Exchange (NSE) recorded loss for the Full Year ended December 31, 2017. This is the second consecutive year the Mortgage Bank recorded a loss after it reported profit in 2015. It reported loss after tax expense of N212.3 million for the year 2017. This was 44.4 million or 26 percent increase of loss when compared to the reported loss of N167.9 million recorded in the fiscal year 2016, as compiled from company’s financial statement. The Mortgage Bank’s recurring losses can be traced to its low operating income compared to a high operating expense. The Mortgage bank’s operating income for the year 2017 was up N919.2 million, an increase of about N44.7 million when compared toN874.5 million recorded in 2016, however, its operating expense was N929.1 million in the year under review, compared to a lower operating expense in the previous year at N907.1 million. Analysis by BusinessDay shows that the Mortgage bank’s low revenue could be as a result of low patronage from Nigerians, meaning not many people go to take mortgage loans from the bank. This is evident in the interest income. A breakdown of the financial report revealed a record of N1.2 billion as interest income in 2017 compared to its N960.8 million recorded in the financial year 2016. Its interest expense for the year under review was N490.7 million compared to N344.4 million recorded in the previous year This brought the net interest income to N764.9 million in 2017 as against N616.4 million net interest incomes reported in comparable period of 2016. Experts in the mortgage industry also linked the bank’s performance to lack of general liquidity, short term deposits for long term funds, and accumulated non-performing loans which are running into billions in the sector. Abbey Mortgage Bank however, recorded N 177.9 million losses before taxation in contrast to N134.4 million recorded in the previous year. Meanwhile, the bank acquired total assets worth N12.2 billion. This is slightly below the N12.4billion assets it acquired in the previous year. Its total liabilities for the year remained almost the same as that of 2016 at N6.0 billion. Experts in the sector stressed that the Nigeria Mortgage Refinance Company (NMRC) seems to have failed in its mandate to raise long-term funds from the domestic and foreign capital market, as it public purpose is in developing the primary and secondary mortgage markets. Although, the fact that the real estate sector was still in recession could not be ignored when BusinessDay spoke to analysts about the performance of the Mortgage Banks in the country. Growth in the Mortgage industry is seen to be at a slow pace. Aside the difficulty of low liquidity in the sector, the problem of Nigerians not earning enough income to qualify them to take up a mortgage is another setback witnessed in the sector. Analyst advised the inclusion of the informal sector into the mortgage industry in order for them to breakthrough, as the larger market are in the informal sector. Abbey Mortgage Bank is one of the seven national Primary Mortgage Banks (PMB) licensed by the Central Bank of Nigeria and Federal Mortgage Bank of Nigeria (FMBN). The recent recapitalization exercise saw the down size from 105 mortgage banks to only 34 now surviving. Abbey Mortgage Bank Plc focuses on providing economical housing units for interested home seekers, developers and cooperatives who desire a wellstructured mortgage offer. MTNF, Kaduna partner to tackle infant, maternal mortality Lanatu Shelton The Kaduna State government and the MTN Foundation, alongside other relevant healthcare agencies, recently pledged to work collaboratively to tackle the menace of infant and maternal mortality in the state. The partnership, announced at the MTNF Yellow Heart Health Forum in Kaduna, is a demonstration of MTNF’s commitment to reduce maternal and child mortality by increasing awareness of the phenomenon in Nigeria and aligning with global efforts to meet the health targets of Sustainable Development Goals (SDGs). Speaking on MTNF’s decision to support the Kaduna State on this initiative, Danladi Mohammed, director, MTNF, said, “The Foundation is indeed excited to go into a partnership that brightens the lives of people, especially within the community where it operates. “We take out time to identify with the plight of members of the community where we carry out our operations and we are sensitive to these plights. It is because of this that the Foundation created a mandate to spend towards improving the state of healthcare, education and economic empowerment. “Kaduna State is part of the six states selected for the MTNF Yellow Heart initiative, it is a laudable initiative and we are looking forward to a healthy collaboration with the Government and the good people of Kaduna state. We hope to use the Yellow Heart initiative to address predominant issues such as attitude and cultural practice that hinder women and children from accessing healthcare services in the society.” While appreciating the Foundation for the yellow heart initiative, Paul Dogo, commissioner for health, Kaduna State, said the state was happy to partner the Foundation on the initiative. The commissioner, represented by the permanent secretary, Kaduna State Ministry of Health, Shehu Usman, said the initiative aligned with what the state government was doing to improve healthcare. “For the first time in the history of the state, we have a government that is equipping and renovating 255 healthcare facilities across the state. When the government came on board the first bill that was passed was the bill to have primary health care under one roof, that is through an integrated approach. Since then, the state government has created specialised hospitals to cater to the varying healthcare needs of the people. “These are some of the initiatives of the state Government towards improving healthcare in the state and we are happy about the yellow heart initiative which we promise to give our best support,” he said. Commenting on what the partnership means for the state, wife of the deputy governor, Ladi Barnabas, said the initiative would immensely help to improve the health and survival rate of women and children in the state, while urging women to take full advantage of the intervention and come out en-masse for the health awareness walk. The Yellow heart launch in Kaduna featured a workshop where experts encouraged mothers and expectant mothers to exclusively breastfeed their newborns and ensure adequate routine immunisation for them to protect them from preventable childhood diseases, distribution of delivery kits to pregnant women, as well as an awareness walk tagged “Walk for Life.”

Monday 09 April 2018 COMPANIES & MARKETS BUSINESS DAY 21 Business Event L-R: Leke Pitan; MD, Bank of Industry , Gloria Elemo, DG/CEO, Federal Institute of Industrial Research, Oshodi, Dele Oyeku, director, extension & linkage, FIIRO, Lanre Shonekan, MD/CEO, Lashone Link Communications,. Okeowo Oderinde, director, finance & accounts, FIIRO, during a courtesy visit to BoI recently in Lagos. L-R: Olufunwa Akinmade, group head, retail and SME; Titilayo Abraham, group head, corporate planning and strategy; Bonaventure Okhaimo, general manager,product and channels directorate, and Ebenezer kolawole, executive director, finance and operations all of Unity Bank during the official launch of ’’Unifi’’ by the bank in Lagos. Pic by Pius Okeosisi L-R:Samuel Ikhuoriah, manager, personal lending, Page Financials; Olajumoke Olusoga, head of strategy and corporate transformation, Page Financials; Sorinmade Adebayo, MD/CEO, Blue Bond Projects and Services; Segun Akintemi, chief executive officer, Page Financials, and Samuel Zion, manager, Kedi Healthcare, at the official unveiling of Page Financials Branch Office and launch of Page Credit Card In Opebi, Lagos. L-R: Aniete Ichie, head, sponsorship, HR Expo Africa; Dayo Olomu, Vice chairman, Chartered Institute of Personnel & Development, South London; Kunbi Adeoti, divisional director, human resources, Leadway Assurance, and Taiwo Ajayi, member, steering committee, HR Expo Africa, at the opening day of the HR Expo Africa, at Landmark Event Centre in Lagos.

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