Focus on NPL Reduction and Anniversary.
An institution in the mortgage industry, Abbey Mortgage Bank has celebrated its 32 years of traditional mortgage service and retail finance.
The bank has achieved a remarkable decrease in non-performing loans (NPL), reducing from 70 per cent in 2020 to an impressive 7.35 per cent as of the current year. This achievement reflects the bank’s prudent risk management practices and dedication to maintaining a healthy loan portfolio.Over the past three decades, Abbey Mortgage Bank has evolved into a beacon of excellence, driving positive change and making a lasting impact on individuals and communities alike.
Established in 1992, Abbey Mortgage Bank has undergone remarkable transformations, emerging as a pioneer in the mortgage sector providing traditional mortgage services that has expanded into retail banking while broadening its scope to better serve its customers’ needs.
Speaking on the company’s significant milestone, managing director/CEO of Abbey Mortgage Bank, Mobolaji Adewumi remarked that, through dedication and innovation, its workforce has been the driving force behind Abbey Mortgage Bank’s transformative journey.
He added that, ‘their commitment to excellence, supported by a diverse management committee, has played a pivotal role in shaping Abbey into what it is today.’
The company also affirmed the need to focus on customer-centric solutions, noting that Abbey Mortgage Bank is innovation-driven that leverage technology to enhance its services.
Also, the bank 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.
Furthermore, Abbey Mortgage Bank said, 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 its transformative journey, Abbey Mortgage Bank has remained deeply committed to corporate social responsibility (CSR) 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.
Additionally, Abbey Mortgage Bank has been a staunch supporter of the arts, recognising the power of culture and creativity in enriching communities. This includes; student stage productions like Lipstick Fever, and the Duke of Shomolu Plays.
