Abbey Mortgage Bank Pays N406.154m Dividend, Eyes Fresh Opportunities

Abbey Mortgage Bank Plc has rewarded and paid its shareholders a total dividend of N406.154 million, representing 4 kobo per share for the year ended December 31, 2023.

This is as it stated its determination to capitalise on opportunities within the financial sector by aiming to transit into a regional commercial bank.

The bank stated this at its 32nd Annual General Meeting (AGM) held in Lagos at the weekend. Speaking to shareholders, the chairman of Abbey Mortgage Bank, Samuel Oni said, the year 2023 stands as a testament to its financial prowess, marking the third consecutive year of resounding success.

According to him, “our bank demonstrated a remarkable feat, driven by a concerted focus on harnessing top-tier talent, cutting-edge technology, and innovative products and services to exceed customer expectations.

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“Notably, our net interest income surged by an impressive 26.7 per cent to N2.57 billion in 2023 from N2.03 billion in 2022. This remarkable growth narrative was underpinned by prudent risk management practices, facilitating strategic loans to customers while addressing housing deficits in tandem with our valued customers. Bolstering this growth is the daring expansion of our loan book, fueled by robust customer deposits and the success of the Abbey brand launched in 2022.”

Oni added that “while we take pride in our legacy as a mortgage bank, we harbour a bullish outlook for our future. Over the past 24 to 36 months, we have not only revitalised our Bank, but have also honed competencies that can be fully leveraged with a licence that broadens our scope and enables us to showcase our true potential.”

He further said, the board of directors is recommending a dividend of four kobo per ordinary share, saying, the proposed dividend under difficult business circumstances demonstrates the company’s commitment to positive returns as a reward for your continued support and loyalty over the years.

Also, the MD/CEO of Abbey Mortgage Bank, Mobolaji Adewumi emphasised the institution’s ongoing commitment to innovation and collaboration. He stated, “Abbey will continue looking for alternative ways to partner with developers, help more people to continue to acquire homes, and work with the government to make home ownership more affordable.”

Looking ahead, Abbey Mortgage Bank said, “it is poised to achieve new heights, with a clear vision for transforming the bank and further growth in the coming years. The management team remains dedicated to enhancing the value for its shareholders and contributing significantly to the Nigerian mortgage industry.”

The shareholders commended the Company for an impressive performance and able to pay dividend for the year under review.