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Abbey Mortgage Bank to Raise N100bn Fresh Capital
Kayode Tokede
Abbey Mortgage Bank Plc has announced plans to raise N100 billion in fresh capital as part of its strategy to meet Central Bank of Nigeria (CBN) recapitalisation and strengthen its balance sheet.
The listed Mortgage Bank on the Nigerian Exchange Limited (NGX) disclosed this as part of its resolutions passed at the just concluded 33rd virtual Annual General Meeting (AGM).
In line with regulatory requirements and its growth agenda, Abbey Mortgage Bank said it aimed at securing strong capital inflows to support its expansion plans.
The virtual event ensured seamless participation and engagement, allowing shareholders and stakeholders from various locations to interact directly with the bank’s leadership and executive management.
This includes exploring strategic investments and partnerships to enhance the Bank’s balance sheet and position it for broader market penetration.
The Managing Director of Abbey Mortgage Bank, Mobolaji Adewumi, said “Our 33rd AGM marks a defining chapter in Abbey’s transformation journey.
“Our outstanding financial performance, paired with a clear recapitalisation roadmap, reflects our unwavering commitment to innovation, transparency, and sustainable growth.”
He added that, “We are grateful for the continued trust and engagement of our shareholders, whose support is instrumental to our success.”
Abbey Mortgage Bank had reported a strong financial year in 2024, with gross earnings increasing by 59.9 per cent to N12.43 billion, up from N7.82 billion in 2023, reflecting increased customer activity and product innovation.
Profit Before Tax (PBT) grew by 29.18 per cent, reaching N1.23 billion, compared to N951.34 million the previous year. Profit After Tax (PAT) also rose by 22.6 per cent, to N1.07 billion, from N871.28 million in 2023.
These positive indicators demonstrate the bank’s operational strength, strategic focus, and growing market relevance. As a trusted leader in Nigeria’s mortgage banking industry, Abbey remains focused on driving inclusive financial prosperity through tailored mortgage solutions, robust retail banking, and investment services, while shaping the future of Nigeria’s evolving financial landscape.
