Abbey Mortgage Bank assigned A- credit rating

A leading technology-driven credit rating agency, DataPro, has in its report assigned Abbey Mortgage Bank Plc long-term rating of “A-” with an Evolving Outlook for the year 2022/2023.

According to the CRA, the “A-” indicates low risk, adding that it shows financial strength, operating performance and business profile when compared to the standard established by DataPro.

DataPro, a statement of its a statement issued on Sunday after the report and made available to The PUNCH, said, “This bank, in our opinion, has a strong ability to meet its ongoing obligations. The DataPro Rating Committee authorised the rating after assessment of the bank’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance, risk management/factors as well as future outlook of its current healthy profile in the medium to long-term period.”

The statement noted that the bank’s key financial indicators were improved mainly during the year under review.

The report refs in part:

It added, “The bank injected additional capital of N3bn in the year 2021. Additional funding also came through improvements in its institutional and wholesale business segments.  The bank successfully reversed its loss position to profit during the year 2021. Its  financial results for the nine months ending September, 2022 showed an increase in revenue, total asset and equity to N3.9bn, N44bn, and N7.5bn respectively.”

According to the agency, the rating of Abbey Mortgage Bank Plc is also supported by the bank’s strong revenue growth and experienced management and good liquidity.

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