Abbey Mortgage Bank Plc has announced a 22.6% surge in its profit after tax for the 2024 financial year, reaching N1.07 billion, up from N871.28 million in 2023.
The bank revealed these impressive figures during its 33rd Annual General Meeting in Lagos, showcasing a significant improvement in its financial performance.
According to the audited financial results presented at the meeting, the bank’s gross earnings grew substantially by 59.9% to N12.43 billion, compared to N7.82 billion recorded in 2023. Moreover, profit before tax rose by 29.18% to N1.23 billion from N951.34 million in the previous year, reflecting the bank’s enhanced customer activity and innovative product offerings.
During the AGM, shareholders actively approved all resolutions, including dividend declarations and key strategic initiatives aimed at sustaining long-term growth.
Furthermore, the board and management reaffirmed their recapitalisation plan, aligning with regulatory requirements and strengthening the bank’s balance sheet.
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Abbey Mortgage Bank’s Managing Director, Mobolaji Adewumi, attributed the bank’s outstanding performance to its operational strength, innovation drive, and long-term vision. “Our remarkable financial performance, paired with a clear recapitalisation roadmap, reflects our unwavering commitment to innovation, transparency, and sustainable growth,” Adewumi stated. He expressed gratitude to the shareholders for their continued trust and engagement, which has been instrumental to the bank’s success.
Adewumi also revealed that the bank is exploring strategic partnerships and investments to further strengthen its balance sheet and deepen market penetration. With its sights set on driving inclusive financial prosperity, Abbey Mortgage Bank Plc reaffirmed its commitment to providing tailored mortgage solutions, retail banking services, and investment offerings.
In a related development, Abbey Mortgage Bank Plc has announced plans to raise N100 billion in fresh capital as part of its strategy to meet regulatory requirements and bolster its balance sheet, as previously reported by The PUNCH. This move underscores the bank’s proactive approach to strengthening its financial position and driving long-term growth.
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