By InvestAdvocate
Lagos (INVESTADVOCATE) – Third listed Primary Mortgage Institution (PMI) Abbey Building Society Plc (Abbey) is to be renamed Abbey Mortgage Bank Plc.
This is coming on the heels of a Board Resolution passed at the Company’s recent Annual General Meeting (AGM) held in Lagos Nigeria.
The Company notified the Nigerian Stock Exchange (NSE) Wednesday of this development in the resolutions passed at the AGM.
Other resolutions passed include, that the Balance Sheet as at 31st December, 2011 and the Profit and Loss Account for the year ended on that date together with the report of the Directors, Auditors and Audit Committee have received and adopted.
Also, two (2) retiring Directors, Rufus Olashoju and Khaled Ben Jilani offered themselves for re-election and were reelected.
While Ruben Michael and Maurice Okoli recommended by the Directors of the Company were newly elected into the Board.
As earlier reported by www.investadvocateng.com, Profit After Tax (PAT) of the Company declined by 55.2 percent (55.2%) in its Audited Report for the Period Ended December 31 2011.
A review of the 2011 Audited Report of the Company shows that Abbey posted a PAT of N126.292 million for the 2011 end compared N281.920 million; showing a decline of 55.2% in the review period.
While Profit Before Tax (PBT) also dipped by 36.9%, the Company recorded N376.192 million in year 2010 compared to N237.380 million in the review period of year 2011.
Gross Earnings of the Firm in the review period also decreased from N1.694 billion in year 2010 end compared to N1.578 billion in the review period of year 2011 end.
