Abbey Mortgage Posts 25% Rise in Profit

Abbey Mortgage Bank posted a 25 per cent increase in its profit before tax in the 2022 financial year, even as it is set to hold its 31st Annual General Meeting (AGM) scheduled for Wednesday, May 31st, 2023.

Despite the domestic and international economic challenges, the bank has continued its impressive profitable trajectory, generating record revenue for the third consecutive year in 2022 with a pre-tax profit of N827 million, a 25.14 per cent rise from the 2021 position of N661 million.  

The bank was also recognised for its commitment to excellence, receiving awards for ‘Best Mortgage Bank, 2022,’ ‘Best Mortgage Bank Brand 2022’ and ‘Best Mortgage Bank CEO from prominent industry organizations 2022.’

Speaking ahead of the AGM, managing Director and Chief Executive of Abbey Mortgage Bank, Mr. Mobolaji Adewumi noted that, “we are excited to convene with our esteemed shareholders for our 31st Annual General Meeting to provide details of our progressive journey over the past year and plans on what looks like an illustrious future for the banks, and you.”

“Our committed shareholders, customers, and stakeholders. We look forward to sharing our accomplishments and future strategies and receiving valuable input from our shareholders” Adewumi stated.

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The event will be held virtually and be accessible through a secure online platform for attendees and members of the public that intend to observe as the board and executive management reflect on the bank’s accomplishments.

The AGM will provide an opportunity for Abbey Mortgage Bank on comprehensive discussions on the bank’s strides toward technological innovations, customer-centrism, and commitment to sustainable banking practices.

Abbey is embracing digital advancements to improve its operational efficiency as well as staying dedicated to being at the forefront of industry trends and adapting to evolving customer needs.

Abbey has increased its brand recognition with notable growth in its professional reputation and closed the year on a high with a BBB investment rating from Augusto & Co., a renowned credit rating agency.