Abbey Mortgage Bank Hits 52-Week High in Fresh Rally
Abbey Mortgage Bank Plc hit its highest price level in 52 weeks on the Nigerian Exchange (NGX) trading platform as a fresh rally pushed its share price to N6.13 on Friday’s close.
The mortgage lender seeking to convert to a regional commercial bank saw its market value climbing to N62.243 billion after gaining about 30% week on week.
Data from the Nigerian Exchange showed that Abbey’s share price rose by 29.6% in the equities market following 2 days of bargain hunting. In 2024, the mortgage bank grew profit to N1.068 billion in 2024, according to details obtained from its audited financial statement, from N871.284 billion in 2023.
The bank’s 2023 dividend of 4 kobo per share was declared and distributed to shareholders during the year. The total dividend payouts amounted to ₦406.2 million, reflecting commitment to delivering value to its investors.
The Board is recommending a dividend of 6 kobo per share for the year ended 31st December 2024, with three key strategic shareholders taking the lion’s share of the profit distribution.
VFD group controls 37.77% of Abbey Mortgage Bank Plc as of December 31, 2024, the audited report revealed. Other influential shareholders include Madonna Ashib Comm. Enterprise Ltd (16.54%) and Forte Properties & Investment Ltd (15.81%) # Abbey Mortgage Bank Hits 52-Week High in Fresh Rally Court Hears EFCC’s Motion for Final Forfeiture of N228.4m