Pan-African credit rating agency Agusto & Co. has upheld Abbey Mortgage Bank Plc’s ‘A3’ credit rating, maintaining a stable outlook on the institution’s performance.
In its latest assessment, Agusto & Co. explained that the rating mirrors Abbey’s robust financial profile, conservative leverage position, and consistent operational strength, despite the economic pressures affecting Nigeria’s business climate. The agency commended the bank’s management for maintaining efficiency and stability through disciplined execution and prudent risk-taking.
The report also pointed to a notable reduction in Abbey’s Non-Performing Loan (NPL) ratio, attributing the improvement to recoveries from long-standing exposures and tighter credit risk controls. Agusto & Co. noted that this progress demonstrates Abbey’s ongoing efforts to strengthen asset quality and reinforce its risk management framework.
Commenting on the development, Mobolaji Adewumi, Managing Director and Chief Executive Officer of Abbey Mortgage Bank, expressed appreciation for the reaffirmed rating, describing it as evidence of the bank’s resilience, credibility, and commitment to high performance.
“We are grateful for this recognition by Agusto & Co., which validates our integrity, discipline, and focus on excellence,” Adewumi said. “Abbey remains dedicated to building stakeholder trust, creating sustainable value, and improving efficiency across all our operations.”
Adewole added that the new rating represents a step up from the bank’s earlier BBB- rating from Agusto & Co. and an A- rating from DataPro, signifying stronger financial fundamentals and operational progress. He remarked that the improved rating signals rising investor confidence and aligns with Abbey’s long-term growth objectives.
Also speaking, Dipo Adeoye, the bank’s Executive Director for Treasury and Business Growth, described the rating as a major achievement that reflects Abbey’s solid structure and forward-looking strategy.
“This accomplishment reinforces our market position and opens new doors for partnerships and expansion,” Adeoye noted. “It strengthens our ability to attract funding, enhance customer value, and pursue innovation-driven growth in the financial sector.”
Agusto & Co. further confirmed Abbey’s BBB- long-term rating alongside the A3 short-term rating, consistent with DataPro’s A1 short-term and A long-term ratings. These independent evaluations highlight the bank’s sound governance framework, improving profitability, and enduring stability in Nigeria’s mortgage finance landscape.
Licensed by the Central Bank of Nigeria (CBN) as a national primary mortgage bank, Abbey Mortgage Bank provides a broad range of financial products, including mortgage loans, construction finance, savings, investments, and digital banking through its AbbeyMobile platform.
With a customer-centric approach and technology-driven operations, Abbey continues to promote affordable housing finance and financial inclusion. The bank’s strategic direction remains focused on enabling home ownership, supporting economic development, and reinforcing its leadership in Nigeria’s housing finance industry.
