Abbey Mortgage Bank Plc has rewarded its shareholders with a total dividend of N406.154 million, equivalent to 4 kobo per share, for the fiscal year ending December 31, 2023.
The announcement was made during the bank’s 32nd Annual General Meeting (AGM) held in Lagos over the weekend.
During the AGM, Samuel Oni, Chairman of Abbey Mortgage Bank, highlighted the bank’s consistent financial performance, marking the third consecutive year of robust success. He emphasized the bank’s commitment to leveraging opportunities within the financial sector, with a strategic plan to transition into a regional commercial bank.
“The year 2023 stands as a testament to our financial prowess,” Oni stated. “Our bank demonstrated remarkable growth, driven by a concerted focus on harnessing top-tier talent, cutting-edge technology, and innovative products and services to exceed customer expectations.”
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Oni reported a significant increase in net interest income, which rose by 26.7 percent to N2.57 billion in 2023 from N2.03 billion in 2022. This growth was attributed to prudent risk management practices, strategic lending, and addressing housing deficits in partnership with valued customers. The expansion of the bank’s loan book, bolstered by robust customer deposits and the success of the Abbey brand launched in 2022, further contributed to this success.
“While we take pride in our legacy as a mortgage bank, we harbor a bullish outlook for our future,” Oni continued. “Over the past 24 to 36 months, we have not only revitalized our bank but also honed competencies that can be fully leveraged with a license that broadens our scope and enables us to showcase our true potential.”
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Oni also noted the board’s recommendation of a dividend of four kobo per ordinary share. “The proposed dividend, despite challenging business circumstances, demonstrates our commitment to positive returns as a reward for your continued support and loyalty over the years,” he said.
Mobolaji Adewumi, MD/CEO of Abbey Mortgage Bank, reiterated the institution’s commitment to innovation and collaboration. “Abbey will continue to seek alternative ways to partner with developers, help more people acquire homes, and work with the government to make home ownership more affordable,” he said.
Looking ahead, Abbey Mortgage Bank is poised to achieve new heights, with a clear vision for transforming the bank and driving further growth in the coming years. The management team remains dedicated to enhancing shareholder value and making significant contributions to the Nigerian mortgage industry.
Shareholders commended the company for its impressive performance and its ability to pay dividends for the year under review.