Banking & Finance
Abbey Mortgage Bank Records Double Investment Rating
Following its numerous achievements in 2022, Abbey Mortgage Bank began 2023 with a new high, as it received new ratings, ‘A-’ from Data Pro, a leading technology-driven credit rating agency.
According to Data Pro, the rating indicates good credit quality and a satisfactory capacity for timely payment of Financial Commitments.’ In short, Abbey Mortgage Bank is a bank that you can trust.
BrandNewsDay reports that Abbey Mortgage Bank’s new rating comes merely a few months after we received a ‘BBB-’ rating from Agusto and CO, another reputable credit rating agency in Africa.
In a statement issued by DataPro to The Punch, they had nothing but praise for Abbey Mortgage Bank stating, “This bank, in our opinion, has a strong ability to meet its ongoing obligations.
”The DataPro Rating Committee authorised the rating after an assessment of the bank’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance, risk management/factors as well as the future outlook of its current healthy profile in the medium to long-term period.”
This certifies the bank as a financial institution of excellence and a force to be reckoned with in the banking industry. Furthermore, it gives the bank a boost in recognition for its prospective customers. In 2022, total assets stood at N44.102 billion, a 27.98% increase from the N34.460 billion reported in 2021 with a projection of N1.37 billion in interest income.
“We appreciate the recognition and are proud of every one of our people committed to making Abbey Mortgage Bank a leading institution in the sector” – said Dipo Adeoye, Executive Director, Treasury & Business Growth of Abbey Mortgage Bank.
As the first month of the year draws to a close, the bank is well on the way to reaching new limits and exceeding expectations this 2023.