Abbey Mortgage Bank Set to Restructure to Boost Performance

Nume Ekeghe

Abbey Mortgage Bank Plc is set to enhance its performance through robust restructuring efforts and a focus on revenue growth despite a challenging macroeconomic environment.

During the 31st extraordinary general meeting (EGM), shareholders unanimously approved a reduction in equity by N6.35 billion to offset retained losses on the company’s financial statements as of December 31, 2022, pending court confirmation.

The MD/CEO of Abbey Mortgage Bank Mobolaji Adewumi noted that he is optimistic about delivering higher returns to shareholders through bumper dividends and share appreciation.

The bank said it achieved a 25.14% increase in pre-tax profit to N827 million in 2022, extending its impressive profitable streak for the third consecutive year.

“In the first half of 2023, the bank maintained its growth momentum, with gross earnings surging by 28.42 per cent to N3.16 billion compared to N2.46 billion in June 2022. Loans and advances to customers also showed significant growth, increasing by 106.12 per cent to N10.63 billion from the previous year, while customer deposits grew by 20.34 per cent to N33.24 billion in June 2023 from N27.62 billion in June 2022, “it stated.