Abbey Mortgage Bank Reaches New High With BBB Rating Status

Kayode Tokede 

Following its good capitalization, among others, a pan-African credit agency, Agusto & Co has rated Abbey Mortgage Bank BBB in its latest rating report. 

The BBB rating from leading Agusto & Co, will further propel Abbey as the first choice for mortgage and related investments in the country.

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”.

The mortgage bank kicked off the year on a high note, celebrating 30 years in the banking industry and has continued on an upwards trajectory in financial growth.

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 “.

The Managing Director, Mobolaji Adewumi at the Nigeria Trade and Investment Summit UK. Speaking on Financing the Housing Market in Nigeria, stated that “Real Estate has proven to be an effective hedge against inflation in Nigeria, especially if you invest in properties in prime locations”.

He advised there are opportunities in the secondary market for real estate with dynamic products and service offerings which will improve the Mortgage Industry, where Abbey is well-positioned to support individuals and organizations with this new rating.

As the year draws to a close, Abbey is looking forward to ending strong, especially as it has already recorded N442.6million before tax in the second quarter (Q2) and N771.5million in third (Q3). There is no doubt a record high is expected from Abbey in the year ending 2022.