By Ayomide Otitoju
Abbey Mortgage Bank Plc has reported a 22.6 per cent increase in its profit after tax for the 2024 financial year, reaching ₦1.07 billion, up from ₦871.28 million recorded in 2023.
The figures were disclosed at the bank’s 33rd Annual General Meeting, held recently in Lagos. According to the audited financial statements presented at the meeting, gross earnings surged by 59.9 per cent to ₦12.43 billion, compared to ₦7.82 billion in the previous year. Profit before tax also rose by 29.2 per cent to ₦1.23 billion, up from ₦951.34 million in 2023.
The bank attributed the strong performance to increased customer activity and continued product innovation.
Shareholders at the AGM approved all resolutions tabled, including dividend declarations and strategic initiatives aimed at driving long-term growth. The board and management also reiterated their commitment to the bank’s recapitalisation plans in line with regulatory directives.
Speaking during the meeting, Managing Director Mobolaji Adewumi described the 2024 results as a testament to the bank’s operational resilience and strategic direction.
“Our outstanding financial performance, paired with a clear recapitalisation roadmap, reflects our unwavering commitment to innovation, transparency, and sustainable growth,” Adewumi said. “We are grateful for the continued trust and engagement of our shareholders, whose support is instrumental to our success.”
He further disclosed that the bank is exploring strategic partnerships and investment opportunities to strengthen its balance sheet and expand market presence.
Abbey Mortgage Bank reaffirmed its commitment to promoting inclusive financial prosperity through customised mortgage solutions, retail banking services, and investment products tailored to meet the evolving needs of its customers.
