Pan-African credit rating agency, Agusto & Co., has affirmed the ‘A3’ rating assigned to Abbey Mortgage Bank, with a stable outlook.
According to Agusto & Co., Abbey’s stable outlook is supported by its low leverage, steady financial fundamentals, and strong focus on operational efficiency amid a challenging macroeconomic environment.
The rating firm highlighted the decline in the mortgage bank’s Non-Performing Loan ratio, driven by recoveries from legacy exposures and continued improvements in credit risk management practices.
Speaking on the development, the Managing Director and Chief Executive Officer of Abbey Mortgage Bank, Mobolaji Adewumi, said, “We are pleased with this rating by Agusto & Co. This attests to the resilience, integrity, and culture of excellence that define our institution. We remain committed to reinforcing stakeholder confidence, delivering long-term value, driving innovation, and ensuring efficiency across all our operations.
“This rating marks an upgrade from the bank’s previous BBB- rating from Agusto & Co. and an A- rating from DataPro, signifying enhanced financial strength and operational performance. It also reflects growing investor confidence in Abbey’s stability and supports its strategic ambitions for sustainable growth and market expansion.”
The Executive Director, Treasury and Business Growth, Mr Dipo Adeoye, noted that the “rating is a significant milestone that reinforces our bank’s solid foundation, strong legacy, and growth trajectory. It opens up new opportunities to deepen our market presence, attract strategic partnerships, and expand our funding capacity.
“This achievement positions us to deliver even greater value to our customers and stakeholders while driving innovation and sustainable expansion in the financial sector. This A3 short-term rating is in addition to a BBB- long-term rating from Agusto & Co., as well as an A1 short-term rating and an A long-term rating from DataPro.” Abbey Mortgage Bank is licensed by the Central Bank of Nigeria as a national primary mortgage bank. With a wide range of services including mortgage loans, construction finance, equity release, savings and investment products, and digital banking services via the AbbeyMobile app, the bank continues to simplify home ownership and financial planning for Nigerians.
