Abbey Mortgage Bank Gets Approval to Become a Regional Commercial Bank

Abbey Mortgage Bank has received the green light from the Central Bank of Nigeria (CBN) to change to a regional commercial bank. The bank announced this news on Wednesday.

The bank said, “In addition, pursuant to the resolution of shareholders at the extra-ordinary general meeting of the bank held on Friday, 24th January 2025, the name of the bank has been changed from 'Abbey Mortgage Bank Plc' to 'Abbey Bank PLC.'”

After the announcement, shares in Abbey Mortgage Bank rose by 5.4 percent to N7.8 per unit in Lagos at the close of trade on Wednesday.

Abbey Mortgage Bank offers services in real estate construction finance and personal banking. It joins other banks like Nova Bank, which switched from a merchant bank to a full commercial bank in 2024.

New Capital Requirements

The new capital rules in Nigeria require regional commercial banks to have at least N50 billion in capital. This is an increase from the previous requirement of N10 billion.

At its annual general meeting last Monday, Abbey Mortgage Bank got the go-ahead from shareholders to start a debt issuance program of N100 billion.

The bank also received approval to raise an extra N64.5 billion in equity capital, pending regulatory approvals.

According to its latest earnings report, Abbey Mortgage Bank’s total assets reached N222.4 billion as of March 2026. This is an increase from N165.8 billion as of December 2025.

Financial Growth

The bank's post-tax profit grew to N715.3 million in the first quarter of the year. This is up from N340.5 million a year earlier. Gross earnings also jumped by 85.6 percent to N7 billion.

VFD Group, a proprietary investment company listed on the Nigerian Exchange, owns a 22.5 percent stake in Abbey Mortgage Bank. This makes VFD Group the largest shareholder in the bank.