Abbey Mortgage Bank Gets Double Investment Rating

Rebecca Ejifoma

Abbey Mortgage Bank kicked off the year on a slide as it received new ratings, ‘A-’ from Data Pro, a leading technology-driven credit rating agency. 

In a statement Data Pro issued at the weekend, the rating indicates good credit quality and a satisfactory capacity for timely payment of Financial Commitments.

“Abbey Mortgage Bank is a bank that you can trust. This bank, in our opinion, has a strong ability to meet its ongoing obligations,” the statement read in parts. 

The DataPro Rating Committee authorised the rating after an assessment of the bank’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance, risk management/factors as well as the future outlook of its current healthy profile in the medium to long-term period.

It noted that this certifies the bank as a financial institution of excellence and a force to be reckoned with in the banking industry. Furthermore, it gives the bank a boost in recognition for its prospective customers. 

Last year, the total assets stood at N44.102 billion, a significant 27.98 per cent increase from the N34.460 billion reported in 2021 with a projection of N1.37 billion in interest income.

According to the Executive Director, Treasury & Business Growth of Abbey Mortgage Bank, Dipo Adeoye, this new rating comes merely a few months after the bank received a ‘BBB-’ rating from Agusto and CO, another reputable credit rating agency in Africa.

He acknowledged: “We appreciate the recognition and are proud of every one of our people committed to making Abbey Mortgage Bank a leading institution in the sector.”