Pan-African credit rating agency, Agusto & Co., has reaffirmed the ‘A3’ rating of Abbey Mortgage Bank with a stable outlook, citing the bank’s low leverage, consistent financial fundamentals, and improved operational efficiency despite Nigeria’s challenging macroeconomic conditions.
In its latest assessment, Agusto & Co. noted that Abbey Mortgage Bank’s Non-Performing Loan (NPL) ratio has continued to decline due to recoveries from legacy exposures and stronger credit risk management practices. The rating, according to the agency, reflects the bank’s resilience and strategic focus on sustaining sound governance and financial prudence.
Reacting to the development, the Managing Director and Chief Executive Officer of Abbey Mortgage Bank, Mobolaji Adewumi, described the rating as a strong validation of the institution’s integrity, resilience, and performance culture.
“We are pleased with this rating by Agusto & Co. This attests to the resilience, integrity, and culture of excellence that define our institution. We remain committed to reinforcing stakeholder confidence, delivering long-term value, driving innovation, and ensuring efficiency across all our operations,” Adewumi said.
He added that the upgrade represents progress from the bank’s previous BBB- rating by Agusto & Co. and A- rating by DataPro, reflecting increased investor confidence in Abbey’s stability and strategic growth plans.
Also commenting, the Executive Director for Treasury and Business Growth, Dipo Adeoye, said the A3 rating marks a significant milestone for Abbey Mortgage Bank.
“This achievement positions us to deliver even greater value to our customers and stakeholders while driving innovation and sustainable expansion in the financial sector. It also opens up opportunities to deepen our market presence, attract strategic partnerships, and expand our funding capacity,” he stated.
Adeoye further highlighted that the new rating strengthens Abbey’s ability to compete effectively in Nigeria’s evolving financial services landscape. The bank now holds both an A3 short-term and BBB- long-term rating from Agusto & Co., alongside an A1 short-term and A long-term rating from DataPro.
Licensed by the Central Bank of Nigeria as a national primary mortgage bank, Abbey offers a range of services including mortgage loans, construction finance, equity release, savings, investment products, and digital banking services via its AbbeyMobile App.
The institution continues to position itself as a key player in Nigeria’s mortgage and housing finance ecosystem, with a focus on simplifying home ownership and providing innovative financial solutions tailored to customer needs.
