Abbey Mortgage Bank Unfolds Business Growth Plan

Abbey Mortgage Bank Plc yesterday held its 29th Annual General Meeting with shareholders.

The meeting which took place in Lagos, brought together board members, regulators, shareholders, and other key stakeholders virtually and physically to review the bank’s performance in the last financial year ended 2020.

Speaking on the bank’s operating results, the Chairman, Board of Directors of the company, Mr. Emmanuel Kanu Ivi, revealed that the bank’s gross earnings grew by 9.5 per cent to N1.52 billion, up from the N1.38 billion it made the previous year, while its operating income grew by 10.5 per cent to N0.98 billion, up from N0.88 billion in 2019.

This, according to a statement, was attributed to the bank’s efficient liability generation and asset optimisation.

In addition, the business also grew in total assets by 51.1 per cent to close at N18.5 billion, up from N12.2 billion in 2019.

He also gave updates on the developments in the board, explaining that “during the financial year, Mr. Nonso Okpala, Professor Marius Umego and Brig-General John Obasa (Rtd) joined the board as Non-Executive Directors, while Mr. Mobolaji Adewumi and Mr. Oladipupo Adeoye joined the board as Executive Directors”.

Also, the Managing Director/CEO, Abbey Mortgage Bank, Mr. Madu Hamman, spoke on the future of the bank.

“Our strategic focus is to improve earnings capability, increase brand awareness/business realignment, continue investment in human capital and drive electronic/digital channels deployment and optimisation to enhance internal capacity and improve service delivery to our customers,” he added.

The discussions at the meeting buttressed the bank’s new strategy to reposition itself for improved business growth in a digital world, “our strategic partnership with VFD Group, connects us to a diverse ecosystem of businesses that are leveraging technology & innovation for financial development.

“This enables us to deliver more value to our customers linking them to more economic opportunities and best-in-class digital solutions,” Hamman added.

In Q1 2021, the bank recorded N76 million in profit, growing in deposit liability to N23.5billion from N14.6billion in 2020 through aggressive sales drive and increased brand visibility.