DataPro, the technology-driven credit rating agency (CRA) has in its latest report assigned Abbey Mortgage Bank Plc a long-term rating of “A-” with an evolving outlook for the year 2022/2023.
A statement by Kehinde Rasheed, Client Services Manager, said, “The “A-” indicates low risk and shows very good financial strength, operating performance and business profile when compared to the standard established by DataPro.”
“This Bank, in our opinion, has strong ability to meet its ongoing obligations,” DataPro said.
According to Rasheed, “The DataPro Rating Committee approved the rating after assessment of the bank’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance, risk management/factors as well as future outlook of its current healthy profile in the medium to long-term period.
“The bank’s key financial indicators were largely improved during the year under review. The bank injected additional capital of N3billion in the year 2021.
“Additional funding also came through improvements in its institutional and wholesale business segment. The bank successfully reversed its loss position to profit during the year 2021. Its financial result for the nine ( 9) months ending September, 2022 showed an increase in revenue, total asset and equity to N3.9billion, N44billion, and N7.5billion respectively.
“The rating of Abbey Mortgage Bank Plc is also supported by the bank’s strong revenue growth and experienced management and good liquidity.
“Abbey Mortgage Bank Plc had a short-term rating of “A1”, which indicates good credit quality and satisfactory capacity for timely payment of financial commitments.
“DataPro notes that the rating carries a maximum shelf life of 12 calendar months, in line with International Best Practice. The rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. It is meant for reference purposes,” the statement concluded.