The BBB rating of Abbey Mortgage Bank by Pan-African Credit agency, Agusto & Co, is expected to further propel Abbey as a first choice for mortgage and related investments in the country.
According to Agusto & Co, “the rating is supported by Abbey’s good capitalization, experienced management team, strong commitment from shareholders, good level of provisioning for impaired loans and low leverage.”
Speaking on the bank’s new rating, the executive director, Treasury and Business Growth, Dipo Adeoye stated that, “the outcome of the rating exercise is a demonstration of the progress we have made in rebuilding the bank in the last two and a half years and we are committed to continuous improvement in line with our corporate objective.”
Managing director, Mobolaji Adewumi, at the Nigeria Trade and Investment Summit UK, while speaking on Financing the Housing Market in Nigeria, stated that, “Real estate has proven to be an effective hedge against inflation in Nigeria, especially if you invest in properties in prime locations.”
He advised that, there are opportunities in the secondary market for real estate with dynamic products and service offerings which will improve the Mortgage Industry, where Abbey is well positioned to support individuals and organizations with this new rating.
As the year draws to a close, Abbey is looking forward to ending strong, especially, as it has already recorded N442.6million before tax in Q2 and N771.5million in Q3.
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