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Abbey Mortgage Bank’s Shareholders Celebrate N0.04 Dividend Payout
Kayode Tokede
The shareholders of Abbey Mortgage Bank Plc, yesterday in Lagos celebrated the management’s N0.04 per ordinary share of 50 kobo dividend payout at its 32rd Annual General Meeting (AGM) with the theme “Agile Tenacity”..
The management for the first time in several years declared dividend payout, a decision that was met with enthusiasm and pride by the shareholders present.
The AGM witnessed active participation from shareholders and Abbey’s management team, with a significant number of stakeholders joining the proceedings online.
Despite economic challenges both domestically and internationally, Abbey Mortgage Bank maintained its strong profit trajectory, achieving record revenue for the fourth consecutive year in 2023.
In the 2023 financial year, the bank achieved gross earnings of N7.81 billion, marking a stellar 34 per cent surge from N5.84 billion in 2022.
Despite the headwinds of rising inflation, net operating income continued its upward trajectory, growing by 3.55 per cent from N3.18 billion in 2022 to N3.29 billion in 2023
For the fourth consecutive year, Abbey Mortgage Bank reported profit growth, highlighting its robust financial health and strategic foresight. The Bank reported a pre-tax profit of N951 million in 2023 financial year, up by 15 per cent from N827 million in 2022.
This year’s AGM was notably anchored by Brig-Gen John Obasa, standing in for the newly appointed Chairman, High Chief Samuel Oni, who was unable to attend in person.
The bank teased the relaunch of their mobile app, dubbed AbbeyMobile 2.0, promising enhanced features and improved user experience.
One of the shareholders expressed his delight, stating, “I am happy, and we are all happy because we have heavily invested in this mortgage space and are thrilled to see it come to where we are today.”
During the AGM, various key resolutions were put to vote, including the re-election of Non-executive directors, the Declaration of Dividends, and the approval of the Financial Statement. All resolutions received majority, if not unanimous, votes in favor, reflecting the strong confidence in the bank’s leadership and strategic direction.
In his address, the MD/CEO of Abbey Mortgage Bank, Mobolaji Adewumi emphasized the institution’s ongoing commitment to innovation and collaboration. He stated, “Abbey will continue looking for alternative ways to partner with developers, help more people to continue to acquire homes, and work with the government to make home ownership more affordable.”
Looking ahead, Abbey Mortgage Bank is poised to achieve new heights, with a clear vision for transforming the bank and further growth in the coming years. The management team remains dedicated to enhancing the value for its shareholders and contributing significantly to the Nigerian mortgage industry.
