Abbey Mortgage Bank Plc (ABBEYBDS) began the year with a share price of N2.22 kobo and has since gained 34.7 per cent on that price valuation, ranking it 37th on the Nigerian Exchange Limited (NGX) in terms of year-to-date performance.
This should be an optimistic news for shareholders knowing the stock has accrued an outstanding 94 per cent over the past four-week period alone 13th best on NGX.
ABBEYBDS closed its last trading day (Friday, January 19, 2024) at N2.99 kobo per share on the NGX. Abbey Mortgage Bank is the 31st most traded stock on the Nigerian Stock Exchange over the past three months (Oct 20, 2023 – Jan 19, 2024).
ABBEYBDS has traded a total volume of 245 million shares in 584 deals valued at N416 million over the period, with an average of 3.89 million traded shares per session.
Speaking on the company’s plans during a ‘Facts Behind the Figures’ presentation at the Nigerian Exchange Limited on Thursday, Managing Director of the bank, Mobolaji Adewumi, said that the bank it was prepared to meet and surpass any minimum capital requirements set by the Central Bank of Nigeria.
Adewumi said that the mortgage bank during its last capital raise got N3 billion and was well capitalised above CBN requirements. “The CBN had said that the banks would have to recapitalise and we are expecting that this will not just affect the commercial banks, it will affect the microfinance banks and even the mortgage banks.
“Abbey is already working towards that, to ensure that at every point in time, we are above whatever minimum capital requirement is. The last capital raise was in 2020 where we raised circa N3 billion.
“As it is, Abbey is far above the minimum capital requirement for mortgage banks, which is stated at N5bn but we are committed and irrespective of what the new benchmark will be. Abbey will once again prove itself as a leader of the market and ensure we meet whatever that capital requirement is,” he assured investors.
The CEO also vowed that the company would meet the free float requirement of the NGX. He disclosed that the bank released about 602 million units of shares to the public last year.
