The managing director of Abbey Mortgage Bank Plc, Mobolaji Adewumi, said the bank has undergone a complete revamp of its IT infrastructure in the last three years and believes its investment with the recent launch of the Corporate Internet Banking (CIB) will help to deepen customers’ engagement.
“We have undergone a complete revamp of the IT infrastructure and we think the next phase is to roll out that corporate internet banking platform. We believe it will provide the ease of doing business of us being able to serve our customers better, especially the corporate clients,” Adewumi said during the recent 31st Annual General Meeting (AGM) of the bank.
According to him, the CIB was developed based on insights from corporate clients to further deepen the adoption of its digital channels. “The last three years we have onboarded a number of corporates and one of the challenges they face is being able to execute transactions online real-time with little instructions”.
Themed “Excellence in Sustainable Leadership,” the AGM underscored Abbey Mortgage Bank’s unwavering commitment to fostering sustainable growth and practices within the banking industry. Shareholders also re-elected John Obasa and Samuel Oni to the board of the bank.
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Speaking on the bank’s financial performance, Adewumi said the bank generated a pre-tax profit of N827mn in 2022, a 25.14 percent rise from the 2021 position of N661m, to continue its record revenue for the third consecutive year, despite the domestic and international economic challenges.
“I think it’s an excellent performance and the numbers speak for themselves. Looking back to three years ago when we took over management and we began that transformation journey. Prior to then Abbey has made losses six years back-to-back. And in the last two years, we have continually seen improvement in the numbers. Not just in terms of profitability, but pretty much all key financial metrics; you’ll see that positive turn, and you’ve seen that we’re on a sustainable path,” Adewumi said.
Felix Owotuga, group head, retail sales and e-business, at Abbey Mortgage Bank, said the CIB is one of the innovations that the bank is introducing to its clients.
According to him, the bank introduced a mobile app for its retail customers last year to serve them better. “Our plan as a bank is to move banking away from bricks and mortar, and move it into the digital space”.
