Rating Release 

Agusto & Co. hereby affirms Abbey Bank Plc’s long-term and short-term ratings of “Bbb-” and “A3”, respectively with a stable outlook. 

The rating expires on 30 June 2027 

Agusto & Co. hereby affirms Abbey Bank Plc’s (“Abbey Bank” or “the Bank”) long-term and short-term ratings of “Bbb-” and “A3”, respectively, reflecting improved capitalisation, good liquidity profile, and a lower non-performing loan (NPL) ratio following the year-end reporting period. However, the ratings remain constrained by Abbey Bank’s exposure to unrated counterparties within its placements portfolio, continued reliance on relatively expensive wholesale funding, and the concentration of its funding base among a limited number of high-net-worth individuals (HNIs) and institutional investors. The Bank’s ability to sustain its performance amid intense competition and persistent macroeconomic pressures was also considered.

Abbey Bank Plc received the Central Bank of Nigeria’s (CBN) approval in June 2026 to convert to a regional commercial bank from a national mortgage bank, with operations expected to commence in November 2026. The Bank provides mortgage and other lending, real estate financing, deposit-taking, and advisory services ahead of its full commercial banking operations across Nigeria’s South-West, South-South and North-West regions, and the Federal Capital Territory Abuja.