Abbey Mortgage Bank has earned a BBB- rating from leading Pan-African Credit Agency, Agusto & Co.
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”.
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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 “.
Managing Director of the Bank, Mobolaji Adewumi at the Nigeria Trade and Investment Summit UK recently where he spoke 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”.
As the year draws to a close, Abbey is looking forward to ending strong, especially as it has already recorded N442.6m before tax in Q2 and N771.5m in Q3.
The company said the BBB- rating will further propel it as a first choice for mortgage and related investments in the country. Abbey recently celebrated 30 years in the banking industry.
