Abbey Mortgage Bank on Transformative Growth, as they continue 30th A

Abbey Mortgage Bank on Transformative Growth, as they continue 30th Anniversary Celebration

September 8, 2022Mortgage

The term ‘mortgages’ is rarely used in Nigeria but in the last few years Abbey Mortgage bank has been playing a major part in making it known around the country by building dreams one home at a time.

Abbey Mortgage Bank has been on a transformative journey over the last two years. As with any other institution, there have been many highs and a fair share of lows. In the wake of the Pandemic that crippled many businesses, Abbey Mortgage bank experienced a loss, but have since seen an increase in remarkable profits. For the first time in decades, Abbey closed the year 2021, with a profit of N622.19m and a whooping N354.12m profit after tax in Q2 of this year.

Abbey has continued to make waves in the banking industry as it continues to expand. As a publicly traded company, Abbey is ranked 10th on the NGX in terms of year-to-date performance. The mortgage bank started the year at a share price of N1.04 and have gained 63.5% on the initial price valuation and as at September 7, 2022, their share price is at N1.70.

A strategic investment by VFD Group, sparked the start of an amazing partnership that has brought with it a new Management and structure. With new staff members reshaping the work culture within and the brand’s image outside, Abbey is fast becoming a reputable name in the banking Industry. According to our Executive Director, Treasury and Business Growth, Oladipupo Adeoye, “The growth we have seen in the last two years is a product of the collective hard work of our people and we will continue with the same zeal to make the bank the very first choice in our subsector and the financial services industry at large.”

With the success of our 30th Annual General Meeting (AGM), which held on July 19, 2022, our long-anticipated Abbey at 30 Breakfast Panel taking place in November, and back-to-back End-of-year activities lined up, we fully expect to bow out of the year 2022 with a resounding bang.

 

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