Credit rating agency Agusto & Co. has upgraded Abbey Mortgage Bank Plc’s short-term rating to ‘A3’, reinforcing the lender’s reputation as one of Nigeria’s most stable and reliable mortgage institutions.
Agusto & Co. said the bank’s stable outlook reflects its low leverage, improving asset quality, and steady financial fundamentals despite persistent macroeconomic challenges. The agency highlighted a decline in the bank’s non-performing loan ratio, driven by recoveries from legacy exposures and improved credit risk management.
Abbey Mortgage Bank’s Managing Director and CEO, Mobolaji Adewumi, said the rating underscores the bank’s resilience and long-term strategic focus.
“This attests to the resilience, integrity, and culture of excellence that define our institution,” Adewumi said. “We remain committed to reinforcing stakeholder confidence, delivering long-term value, and ensuring operational efficiency.”
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Adewumi added that the new rating marks an upgrade from the bank’s previous BBB- rating from Agusto & Co. and an A- rating from DataPro, signaling enhanced financial strength and investor confidence.
The bank’s Executive Director for Treasury and Business Growth, Dipo Adeoye, described the development as a milestone that strengthens Abbey’s growth trajectory.
“It opens up new opportunities to deepen our market presence, attract strategic partnerships, and expand our funding capacity,” he said.
Agusto & Co.’s latest report also reaffirmed Abbey Mortgage Bank’s BBB- long-term rating, alongside DataPro’s A1 short-term and A long-term ratings.
Licensed by the Central Bank of Nigeria as a national primary mortgage bank, Abbey offers mortgage loans, construction finance, savings, investments, and digital banking services through its AbbeyMobile app. The bank has been expanding its footprint in Nigeria’s housing finance market, positioning itself as a key player in promoting home ownership and financial inclusion.