Abbey Mortgage Bank Turns 30, Focuses on Transformative Growth

Abbey Mortgage Bank has said that its 30-year journey in the real estate space is on a transformative course towards repositioning the bank to meet the demands of contemporary times.

For the first time in decades, Abbey closed the year 2021 with a profit of N622.19m and a whooping N354.12m profit after tax in Q2 of this year.
A statement by the firm said the COVID-19 pandemic had negatively affected business, and that it was able to bounce back and close the 2021 financial year with a profit of N622m, and N354m after tax.

The statement said Abbey had continued to make waves in the banking industry with continuous expansion. As a publicly traded company, Abbey is ranked 10th on the NGX in terms of year-to-date performance, the statement added.

According to the bank, it started the year at a share price of N1.04 and had gained 63.5 per cent on the initial price valuation and leaving its share price at N1.70 as at September 7, 2022.

It said a strategic investment by VFD Group had sparked the start of an amazing partnership that had brought with it a new management and structure and a reshaping of the work culture within the organisation.

The Bank’s Executive Director, Treasury and Business Growth, Oladipupo Adeoye, said, “The growth we have seen in the last two years is a product of the collective hard work of our people and we will continue with the same zeal to make the bank the very first choice in our subsector and the financial services industry at large.

“With the success of our 30th Annual General Meeting, which held on July 19, 2022, our long-anticipated Abbey at 30 Breakfast Panel Session with industry stakeholders, taking place in November, and back-to-back End-of-year activities lined up, we fully expect to bow out of the year 2022 with a resounding success.”