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Home Markets Financial Analysis

Abbey Mortgage Bank: A rising star in Nigeria’s financial sector 

Analysts Nairametrics by Analysts Nairametrics
March 22, 2025
in Financial Analysis, Financial Services, Markets
Abbey Mortgage Bank: A rising star in Nigeria’s financial sector 
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Abbey Mortgage Bank Plc continues to strengthen its position in Nigeria’s financial landscape.

The mortgage bank has emerged as the best-performing mortgage stock on the Nigerian Exchange (NGX), delivering a 20% YtD gain as of March 20, 2025, building on a 35% return in 2024.

Abbey has now rallied 291% in five years, climbing from N0.92 in 2019 to N3.60.

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With a 1.11% dividend yield (N0.04 per share), Abbey’s total return stands at 21.11% YtD.

Earnings per share surged 33% to N0.12, fueling expectations for a higher dividend payout for the 2024 financial year.

Evolving financial strategies 

Abbey’s latest financials highlight an evolving approach to income generation. Gross earnings surged by 58% to N12.4 billion, driven largely by a 65% rise in interest income to N11.91 billion.

  • 78% of this interest income (N9.33 billion) was derived from short-term funds and investment securities, while 22% (N2.57 billion) came from loans and advances.
  • On the balance sheet, the bank’s financial assets have grown significantly. Deposits with banks and financial institutions nearly doubled (+96% YoY) to N24.92 billion, while investments in securities at amortized cost increased from N26.78 billion to N41.75 billion.
  • Additionally, equity investments at fair value through profit or loss (FVTPL) expanded by 50% to N827 million.
  • Mortgage lending saw an adjustment, with loans and advances declining by 15% to N12.046 billion.

Mortgage financing, in particular, shifted from N12.59 billion in 2023 to N8.53 billion in 2024, a reflection of Abbey’s recalibrated strategy to balance risk and returns.

Prioritizing liquidity and stability 

Abbey’s increased focus on financial investments has played a key role in its revenue expansion. Pre-tax profit grew by 34.88% to N1.28 billion, showcasing the bank’s ability to sustain profitability even in a dynamic financial environment.

While profit margins adjusted slightly to 9.87%, Abbey’s strengthened liquidity position provides a solid foundation for future growth.

Mortgage lending remains a long-term, capital-intensive business, and the bank’s strategic asset reallocation ensures financial agility as it navigates market dynamics.

A Forward-Thinking Strategy 

Abbey’s evolving portfolio mix is a calculated response to current market conditions, particularly in light of increased default risks in the mortgage sector.

By strategically investing in low-risk financial instruments, the bank is preserving liquidity while positioning itself for long-term mortgage sector expansion.

Additionally, Abbey’s Approval-in-Principle (AIP) for a commercial banking license signals a broader transformation.

As part of this transition, the bank is restructuring its balance sheet to support a more diversified financial services model, ultimately enhancing value for stakeholders.

Investment Outlook: Growth and Stability 

  • Abbey’s market performance has drawn investor interest, with strong EPS growth and a solid PEG ratio of 0.90 indicating promising value.
  • While its current P/E of 30x and P/B of 3.89 suggest a premium valuation, its low beta of 0.66 reflects relative stability in a fluctuating market.
  • As Abbey continues to evolve, investors and stakeholders can look forward to a dynamic institution that is leveraging both financial prudence and strategic foresight to drive sustained growth.

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Tags: Abbey Mortgage BankNGXNigeria’s financial sector
Analysts Nairametrics

Analysts Nairametrics

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