Shareholders of AG Mortgage Bank Plc, on Tuesday, commended the board of directors and management for recording an impressive performance during the 2023 financial year.
At the bank’s 19th Annual General Meeting (AGM) in Lagos, Managing Director Mr. Ngozi Anyogu said, “We are pleased to report outstanding performance in all financial indices, showing positive growth despite global economic challenges.”
Anyogu assured shareholders that the bank is working to address accumulated losses and will soon resume dividend payments, citing the consistency in growth over the past five years. “We are committed to delivering value to our shareholders and will resume dividend payments soon,” he said.
The bank’s Chairman, Ambassador Felix Nwabuiko, noted that despite global economic challenges, the bank achieved significant growth in its key financial indicators.
“Our gross earnings grew by 60% from N2.02 billion in 2022 to N3.24 billion in 2023. Profit Before-Tax rose by 85% from N379 million in 2022 to N702.2 million in 2023, while Profit-After-Tax increased by 92%, from N224 million in 2022 to N428 million in 2023,” he said.
Anyogu also announced plans to increase the bank’s capital structure through a right issue, ensuring compliance with regulatory requirements and positioning the bank for business opportunities. “We have reinvested the 2023 profit to strengthen our capital base and are committed to innovation, customer satisfaction, and ESG governance,” he said.
The bank’s financial statements show that total deposits stood at N7.91 billion for the year ended December 31, 2023, representing a 25% increase over the previous year’s figure of N6.33 billion.
Total Assets stood at N22.18 billion compared to N8.20 billion in 2022, while Shareholders’ Funds increased by 8% from N5.21 billion in 2022 to N5.64 billion in 2022.
Listed on the NASD OTC platform with a share price of 48 kobo as of September 10, 2024. AG Mortgage Bank Plc, a leading Primary Mortgage Institution (PMI), has been a key player in the mortgage finance industry since its incorporation on July 21, 2004.
With a mortgage banking license granted by the Central Bank of Nigeria in December 2004, the company commenced full operations on January 31, 2005.
Over the years, AG Mortgage Bank Plc has developed innovative products that have received the approval of the Central Bank of Nigeria.
Additionally, the company has been approved by the Central Bank of Nigeria and accredited by the Federal Mortgage Bank as a window for customers to access the National Housing Fund.
In response to evolving market developments, AG Mortgage Bank Plc aims to broaden its operational focus to consolidate its standing in the mortgage finance industry. This strategic shift will enable the company to capitalize on new opportunities and address emerging challenges.
