Shareholders of Abbey Mortgage Bank Plc have approved the banks’ plan to reduce its share premium.

They gave their approval during the bank’s Extraordinary General Meeting in Lagos.

The EGM was conducted for the shareholders to pass a resolution to approve the utilisation of a portion of the share premium account to offset accumulated losses, enabling the bank to complete its financial housekeeping and resume the payment of dividends.

The bank noted that the decision would boost its sustainable drive to create sustainable value for both shareholders and investors.

The Managing Director, Abbey Mortgage Bank Plc, Mobolaji Adewumi, who was proud of the bank’s achievement, said, “We are immensely proud of the journey we have undertaken, and the support of our shareholders has been instrumental in our success. This momentous step is a testament to our resilience and sustainable growth focus.

“As we look forward to a brighter future, Abbey Mortgage Bank Plc plans on the continuous delivery of exceptional financial services and creating value for our shareholders. The bank is confident that this will strengthen its position in the industry and open up new avenues for growth and more success stories.”

The Executive Director Treasury and Business Growth, Oladipupo Adeoye, said, “What we are trying to do is to restructure our books, which then positioned the bank to be able to showcase the reality of the upward trend in performance. We believe there is no point in having stellar performance that you can’t almost immediately pass on to your shareholders who are really the owners of the business.”

Over the past three years, he said, Abbey Mortgage Bank had undergone a remarkable transformation, consistently achieving increased profits year after year.

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