DataPro, the Technology-Driven Credit Rating Agency (CRA) has in its latest report
assigns Abbey Mortgage Bank Plc long-term rating of “A-” with an Evolving Outlook for
the year 2022/2023.

The “A-” indicates Low Risk. It shows very good Financial Strength, Operating
Performance and Business Profile when compared to the standard established by
DataPro. This Bank, in our opinion, has strong ability to meet its ongoing obligations.
The DataPro Rating Committee approved the Rating after assessment of the Bank’s
Financial Performance, Capital Adequacy, Asset Quality, Liquidity, Profitability,
Corporate Governance, Risk Management/Factors as well as Future Outlook of its current
healthy profile in the medium to long-term period.

The Bank’s Key Financial Indicators were largely improved during the year under review.
The Bank injected additional Capital of N3b in the year 2021. Additional funding also
came through improvements in its Institutional and Wholesale business segment.
The Bank successfully reversed its loss position to Profit during the year 2021. Its
financial result for the 9 (nine) months ending September, 2022 showed an increase in
Revenue, Total Asset and Equity to N3.9b, N44b, and N7.5b respectively.

The Rating of Abbey Mortgage Bank Plc is also supported by the Bank’s Strong Revenue
Growth and Experienced Management and Good Liquidity.

Abbey Mortgage Bank Plc had a Short-Term Rating of “A1” which indicates Good Credit
Quality and Satisfactory Capacity for timely payment of financial commitments.

DataPro notes that the Rating carries a maximum shelf life of 12 calendar months, in line
with International Best Practice. The Rating is therefore not an offer to trade in
securities nor a substitute for the user’s judgement. It is meant for reference purposes.