Abbey Mortgage Bank has started the year 2023 on a high, bagging a double investment rating , ‘A-’ from Data Pro, leading technology-driven credit rating agency.
Data Pro said: “The rating indicates good credit quality and the satisfactory capacity for timely payment of Financial Commitments. In short, Abbey Mortgage Bank is a bank that you can trust.”
The bank, in a statement acknowledging the rating, said: “This new rating comes merely a few months after we received a ‘BBB-’ rating from Agusto and CO, another reputable credit rating agency in Africa.
“In a statement issued by DataPro, they had nothing but praise for Abbey Mortgage Bank stating: “This bank, in our opinion, has a strong ability to meet its ongoing obligations. The DataPro Rating Committee authorised the rating after assessment of the bank’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance, risk management/factors as well as future outlook of its current healthy profile in the medium to long-term period.”
This certifies the bank as a financial institution of excellence and a force to be reckoned with in the banking industry. Furthermore, it gives the bank a boost in recognition for its prospective customers. In 2022, total assets stood at N44.102 billion, a 27.98% increase from the N34.460 billion reported in 2021 with a projection of N1.37 billion in interest income.
“We appreciate the recognition and proud of every one of our people committed to making Abbey Mortgage Bank a leading institution in the sector” – said Dipo Adeoye, Executive Director, Treasury & Business Growth of Abbey Mortgage Bank.
As the first month of the year draws to a close, the bank is well on the way to reaching new limits and exceeding expectations this 2023.