Pan-African credit rating agency, Agusto & Co., has affirmed Abbey Mortgage Bank Plc’s ‘A3’ rating, reinforcing the institution’s position as a stable and reliable player in Nigeria’s financial sector.
Agusto & Co., in its latest report, noted that the rating reflects Abbey’s strong fundamentals, low leverage, and consistent focus on operational efficiency despite prevailing macroeconomic headwinds. The agency also highlighted the bank’s improved asset quality, evidenced by a reduction in the non-performing loan ratio attributed to recoveries from legacy exposures and strengthened credit risk management practices.
Managing director and chief executive officer of Abbey Mortgage Bank, Mr Mobolaji Adewumi, described the rating as a validation of the bank’s resilience, integrity, and culture of excellence.
“We are pleased with this affirmation by Agusto & Co. It underscores our commitment to upholding stakeholder confidence, delivering long-term value, and maintaining operational efficiency across all facets of our business,” Adewumi said.
He explained that the ‘A3’ rating represents an upgrade from the bank’s previous BBB– rating by Agusto & Co. and aligns with the A– rating earlier assigned by DataPro, reflecting growing investor confidence and strengthening financial performance.
Also speaking on the development, executive director, Treasury and Business Growth, Mr Dipo Adeoye said, the rating is a significant milestone that reinforces Abbey’s strong foundation and growth trajectory.
“This achievement opens new opportunities to deepen our market presence, attract strategic partnerships, and expand our funding capacity,” Adeoye stated. “It positions us to deliver greater value to our customers and stakeholders while driving innovation and sustainable expansion in the financial services space,” he added.
