Abbey Bank keeps A3 short-term rating from Agusto & Co.
Results · completedThursday 29 October 2026
Agusto & Co affirmed Abbey Bank's A3 short-term credit rating, citing stronger capitalization, liquidity, asset quality and profitability. The bank is preparing to start commercial banking operations in November 2026.
A rating affirmation before a commercial launch gives early credit signals for a new Nigerian lender.
Abbey Bank's profit after tax rose 55.9% to about $1.7 million (N2.26bn) in the nine months to September 2026. Gross earnings surged 120% and customer deposits more than tripled.
Abbey Bank Plc, formerly Abbey Mortgage Bank, will begin commercial banking operations in November 2026. It plans to use its mortgage expertise to expand into construction finance and related lending.
Zenith Bank reported a nine-month profit before tax of about $690 million (N929bn), up 1.24 percent from the same period of 2025. Gross earnings fell 15 percent to about $2.1 billion (N2.87trn), while impairment charges dropped sharply.
Sterling Financial reported nine-month profit after tax up 21% to about $56 million (N75.4bn), with total assets reaching N5.10 trillion. Interest income rose strongly, while credit impairment charges increased sharply.
GTCO's three non-bank subsidiaries recorded a combined profit before tax of about $18 million (N23.9bn) in the nine months to September 2026, up 70%. Its Ghana banking subsidiary generated about $83 million (N113bn) in profit after tax, the largest offshore contribution.
Stanbic IBTC reported profit after tax of about $280 million (N371bn) for the nine months to September 2026, up 33% from the prior year. Gains came mainly from fixed income and currencies, with progress in digital lending and its Africa China banking business.
First HoldCo reported a 63% rise in nine-month profit to N744.5 billion. Its commercial banking division produced 94% of turnover and 87.4% of post-tax profit.
