By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Primary mortgage firm, Abbey Mortgage Bank Plc on Friday declared a loss of N472.577 million in its 2013 audited year end.

The company in 2012 end posted a profit before tax (PBT) of N305.326 million compared to a loss of N472.577 million in the review period of 2013.

Abbey said its profit after tax (PAT) increased 132.3 percent to N508.600 million from N218.975 million in the corresponding period of 2012.

Interest income went down 53.5 percent to N818.995 million in the audited period of 2013 from N1.763 billion in same period of 2012.

Also, in the first quarter (Q1) report of the primary mortgage company released Friday on the Nigerian bourse for the period ended March 31, 2014, PBT and PAT declined 20.2 percent respectively.

Similarly, interest income in the review period decreased 37.6 percent to N249.986 million from N400 million.