Abbey Mortgage Bank’s non-performing loans decline to 7.35%

Abbey Mortgage Bank, a primary mortgage institution in Nigeria, has recorded a 62.7 percentage points drop in non-performing loans within four years, the company revealed while commemorating its 32nd anniversary.

According to the mortgage bank, its non-performing loans declined from 70 percent in 2020 to 7.35 percent as of March 2024.

“This achievement reflects the bank’s prudent risk management practices and dedication to maintaining a healthy loan portfolio,” said Mobolaji Adewumi, MD/CEO of Abbey Mortgage Bank.

“Through dedication and innovation, our workforce has been the driving force behind Abbey Mortgage Bank’s transformative journey. Their commitment to excellence, supported by a diverse management committee, has played a pivotal role in shaping Abbey into what it is today.”

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Since its establishment in 1992, Abbey Mortgage Bank has transformed, emerging as one of the pioneers in the mortgage sector. Beyond providing traditional mortgage services, the bank has expanded into retail banking, broadening its scope to better serve its customers’ needs.

The bank said: “Focusing on customer-centric solutions, Abbey Mortgage Bank is innovation-driven, leveraging technology to enhance its services. We introduced a mobile banking app, AbbeyMobile as well as Abbey CIB – a Corporate Internet Banking platform which launched last year, offering customers convenient and secure banking solutions.

“In addition, Abbey Mortgage Bank remains dedicated to addressing societal needs through innovative products and initiatives. The bank last year, launched a game-changing product, WIRE, bridging the gap in the real estate industry for women. WIRE provides tailored financing solutions, empowering women to thrive in the sector.

“Throughout our transformative journey, we have remained deeply committed to corporate social responsibility initiatives, contributing significantly to the betterment of society. Notable initiatives include the Abbey Walk for the Environment 2022 and donations to address pressing medical challenges, exemplifying the bank’s dedication to making a meaningful difference in the community.”