Abbey Mortgage Bank Plc has posted a profit after tax (PAT) of N1.07 billion for the 2024 financial year, marking a 22.6 per cent increase from the N871.2 million recorded in 2023.

The bank’s gross earnings also rose significantly by 59.9 per cent, rising to N12.43 billion from N7.82 billion in the previous year – an impressive signal of the bank’s operational momentum and growing market presence.

At the bank’s 33rd yearly general meeting held virtually, the digital format allowed for robust engagement from shareholders and stakeholders both locally and internationally, fostering transparency and participation in corporate governance.

Abbey’s audited financial statements for the year ended December 31, 2024, were formally presented alongside reports from the board appraisers, audit committee and independent external auditors.

Shareholders unanimously approved all resolutions, including dividend declarations and long-term strategic initiatives aimed at reinforcing the Bank’s position as a market leader.
Beyond its financial performance, Abbey reaffirmed its recapitalisation roadmap, aligning with regulatory directives and supporting its broader expansion agenda.

The bank revealed that it is actively pursuing new capital through strategic investments and partnerships, moves intended to fortify its balance sheet and enable greater market penetration.

Managing Director, Mobolaji Adewumi, described the AGM as a significant inflection point in Abbey’s transformation journey.

He stated that the combination of robust financials and a structured capitalisation plan signals the bank’s commitment to innovation, resilience and long-term sustainability. He also took the opportunity to thank shareholders for their unwavering trust and support.

Adewumi reiterated its mission to foster inclusive financial growth through dynamic mortgage solutions, a strong retail banking offering, and a visionary investment approach.

As one of Nigeria’s foremost mortgage institutions, Abbey reaffirmed its dedication to shaping the future of housing finance and contributing meaningfully to the country’s broader financial ecosystem.