Abbey Mortgage Bank Plc has reported a 22.6 per cent increase in its profit after tax for the 2024 financial year, reaching N1.07bn, up from N871.28m in 2023.

The bank disclosed the figures during its 33rd Annual General Meeting, held in Lagos recently.

According to the audited financial results presented at the meeting, gross earnings grew by 59.9 per cent to N12.43bn, compared to N7.82bn recorded in 2023. Profit before tax also rose by 29.18 per cent to N1.23bn from N951.34m in the previous year, reflecting improvements in customer activity and product innovation.

During the AGM, shareholders approved all resolutions, including dividend declarations and key strategic initiatives aimed at sustaining long-term growth.

The board and management also used the opportunity to reaffirm their recapitalisation plan in line with regulatory requirements.

Speaking at the meeting, the Managing Director of Abbey Mortgage Bank, Mobolaji Adewumi, described the bank’s performance as a reflection of its operational strength, innovation drive, and long-term vision.

“Our outstanding financial performance, paired with a clear recapitalisation roadmap, reflects our unwavering commitment to innovation, transparency, and sustainable growth. We are grateful for the continued trust and engagement of our shareholders, whose support is instrumental to our success,” Adewumi said.

He added that the bank was exploring strategic partnerships and investments to strengthen its balance sheet and deepen market penetration.

Abbey Mortgage Bank Plc reaffirmed its commitment to driving inclusive financial prosperity through tailored mortgage solutions, retail banking services, and investment offerings.

The PUNCH reported that Abbey Mortgage Bank Plc has announced plans to raise N100bn in fresh capital as part of its strategy to meet regulatory requirements and strengthen its balance sheet.