Abbey Mortgage Bank has secured regulatory approval from the Central Bank of Nigeria (CBN) to proceed with its planned conversion to a regional commercial bank, the mortgage lender announced on Wednesday.
Shareholder Approval and Name Change
In a regulatory filing, the bank stated that following a resolution passed by shareholders at an extraordinary general meeting held on Friday, 24th January 2025, the institution's name has been officially changed from Abbey Mortgage Bank Plc to Abbey Bank PLC.
Shares in the primary mortgage bank rose by 5.4 percent to N7.8 per unit on the Lagos Stock Exchange at the close of trading on Wednesday.
Industry Trend
The institution, which provides real estate construction finance and personal banking services, follows in the footsteps of other financial institutions that have transitioned into full-fledged commercial banks. Notably, Nova Bank converted from a merchant bank in 2024.
Under Nigeria's new capital rules, regional commercial banks are required to maintain a minimum capital base of N50 billion, a significant increase from the previous N10 billion requirement.
Capital Raising Plans
At its annual general meeting held last Monday, Abbey Mortgage Bank obtained shareholders' approval to establish a debt issuance programme worth N100 billion. Additionally, the bank secured consent from shareholders to raise an extra N64.5 billion in equity capital, subject to regulatory approvals.
Financial Performance
The mortgage lender's total assets stood at N222.4 billion as of March 2026, up from N165.8 billion as of December 2025, according to its latest earnings report. Post-tax profit climbed to N715.3 million in the first quarter of the year, compared to N340.5 million in the same period a year earlier. Gross earnings surged by 85.6 percent to N7 billion.
