Abbey Mortgage Bank Reduces NPLs to 7.35%, Celebrates 32 Years Milestone

Nume Ekeghe

Abbey Mortgage Bank has noted that it has decreased its non-performing loans (NPL), from 70 per cent in 2020 to an impressive 7.35 per cent as of the current year.

This is just as the bank commemorates its 32nd anniversary citing that Abbey Mortgage Bank has evolved into a beacon of excellence, driving positive change and making a lasting impact on individuals and communities alike.

The bank in a statement noted that since its establishment in 1992, Abbey Mortgage Bank has undergone remarkable transformations, emerging as a pioneer in the mortgage sector. Beyond providing traditional mortgage services, the bank has expanded into retail banking, broadening its scope to better serve its customers’ needs.

The Managing Director/CEO of Abbey Mortgage Bank, Mobolaji Adewumi stated:  “Through dedication and innovation, our workforce has been the driving force behind Abbey Mortgage Bank’s transformative journey. Their commitment to excellence, supported by a diverse management committee, has played a pivotal role in shaping Abbey into what it is today.”

He noted that the bank is leveraging technology to enhance its services, introduced a mobile banking app, AbbeyMobile as well as Abbey CIB – a Corporate Internet Banking platform which launched last year, offering customers convenient and secure banking solutions.

 It further states: “The bank has also achieved a remarkable decrease in non-performing loans (NPL), reducing from 70 per cent in 2020 to an impressive 7.35 per cent as of current year. This achievement reflects the bank’s prudent risk management practices and dedication to maintaining a healthy loan portfolio.”