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Abbey Mortgage Bank has received a BBB rating from leading Pan-African Credit Agency, Agusto & Co.
The rating will further propel Abbey as the first choice for mortgage and related investments in the country, even as the mortgage bank kicked off the year on a high note, celebrating 30 years in the banking industry and has continued on an upward trajectory in financial growth.
According to Agusto & Co, “the rating is supported by Abbey’s good capitalization, experienced management team, strong commitment from shareholders, good level of provisioning for impaired loans and low leverage.”
Speaking on the bank’s new rating, the Executive Director, Treasury and Business Growth, Dipo Adeoye, stated, “The outcome of the rating exercise is a demonstration of the progress we have made in rebuilding the bank in the last two and a half years, and we are committed to continuous improvement in line with our corporate objective.”
As the year draws to a close, Abbey is looking forward to ending strong, especially as it has already recorded N442.6 million before tax in Q2 and N771.5 million in Q3. There is no doubt a record high is expected from Abbey in the year ending 2022.
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