Abbey Mortgage Bank has announced that VFD Group Plc, its largest shareholder, sold 400,828,935 units of the bank’s shares worth over N2.72 billion.
The transaction was disclosed in a filing on the Nigerian Exchange (NGX), signed by the company’s secretary, Geoff Amaghereonu, and executed in Lagos.
According to the notice, the shares were sold on September 17, 2025, at an average price of N6.80 per share under the identification code NGABBEY00001.
- Before the sale, VFD Group Plc held 3,835,181,810 ordinary shares of the bank, representing a 37.77% stake.
- Following the divestment, its holdings now stand at 3,434,352,875 units, equivalent to 33.84%.
Despite the reduction, VFD remains the bank’s largest shareholder, with Madonna Ashib Comm. Enterprise Ltd in second place at 14.23%.
This deal comes amid Abbey’s stellar performance in 2025 so far, with the stock up 192.05% year-to-date and trading volume at 524.48 million shares, a rally that may have prompted VFD’s share sale as part of profit-taking.
Market trend
Abbey Mortgage Bank opened 2025 at N2.41 per share, closing every month in the first quarter on a positive note and finishing March at N3.67, a strong Q1 gain of 57.67%.
Positive momentum accelerated in April, with intense bullish activity driving market volume to 11.43 million shares as the stock crossed the N8 mark for the first time, delivering a strong 126% rally.
- However, the surge was followed by a sharp correction in May, as the stock shed 32.77% and retreated to N5.60, a level that likely attracted dip-buying investors.
From June through August, Abbey regained stability, closing each month higher and settling at N6.50 by the end of August.
So far in September, the stock has advanced to N6.80 with market volume surpassing 401 million shares.
- This surge in participation has made 2025 one of the bank’s most liquid years on record.
April’s explosive rally was likely sparked by investor reaction to the bank’s FY 2024 results, released on March 27, which showed a pre-tax profit of N1.2 billion, up from N951.3 million in 2023. The bank has also maintained profitability in 2025.
H1 2025 performance
In the first half of 2025, Abbey Mortgage Bank reported a pre-tax profit of N850.4 million, up 51.83% from N560.1 million, driven by strong top-line growth.
Interest income rose 61.62% to N7.8 billion, with cash and short-term funds contributing the bulk at N5.2 billion, while both loans & advances and interest from investment securities added N1.2 billion each.
- Despite incurring interest expenses of N5.8 billion, net interest income came in at N1.94 billion.
The bank earned N185.6 million from fees and commissions, a 47.68% increase, while net operating income climbed to N2.2 billion from N1.7 billion.
On the balance sheet side, total assets grew 30.81% to N110.2 billion, while retained earnings advanced 17.80% to N1.3 billion.
