Abbey Bank Retains A3 Rating, Prepares for Expansion

Abbey Bank Plc (NGX: ABBEYBANK) has retained its A3 short-term credit rating from Agusto & Co., alongside a BBB- rating and Stable Outlook, due to its improved capitalisation and strong liquidity position. The affirmation, disclosed on October 29, 2026, highlights the bank's strengthened financial position, expanding franchise, and growing earnings diversification.

Abbey Bank, formerly Abbey Mortgage Bank Plc, is preparing to transition from a national mortgage bank to a regional commercial bank, following approval from the Central Bank of Nigeria in June 2026. As of December 31, 2025, the bank maintained liquid assets of N148 billion, representing approximately 89% of its total assets.

Its non-performing loan ratio improved to 8.1% as of July 2025, down from 13.5% in December 2023. The bank's N64.5 billion equity raise, approved in August 2026, is expected to strengthen its capital base.

Abbey Bank plans to commence regional commercial banking operations in November 2026, expanding its activities beyond traditional mortgage banking.