LAGOS, Nigeria — Abbey Bank Plc reported a pre-tax profit of ₦3.23 billion for the nine months ended September 30, 2026, an increase of 112.63% from ₦1.52 billion in the same period of 2025. The nine-month profit is also higher than the ₦3.13 billion the bank recorded for the whole of 2025.
Third-quarter pre-tax profit rose 126.34% to ₦1.72 billion from ₦760.64 million in the second quarter of 2026. It was 157.02% higher than the ₦669.84 million recorded in the third quarter of 2025. The bank’s own internal estimate for the quarter was ₦969.53 million, so the reported figure exceeded it by 77.58%. Third-quarter profit after tax was ₦1.68 billion, against an estimate of ₦727.14 million.
Gross earnings for the nine months rose 120.31% to ₦30.15 billion, and profit after tax increased 55.89% to ₦2.26 billion.
The growth came mainly from interest income, which rose 120.28% to ₦28.83 billion and made up about 95.6% of gross earnings. Most of that income came from short-term funds, which contributed ₦24.53 billion, or about 85% of total interest income. Interest income from investment securities at amortised cost rose to ₦2.61 billion, while income from loans and advances edged down to ₦1.69 billion.
Interest expense rose 122.98% to ₦22.28 billion, and nearly all of it, ₦21.84 billion, came from interest on customer deposits. Net interest income rose 111.60% to ₦6.56 billion. Fee and commission income increased 30% to ₦544.28 million, and other operating income rose to ₦774.90 million from ₦178.54 million.
Operating expenses rose 113.43% to ₦4.65 billion, with personnel costs up to ₦1.32 billion and other operating expenses up to ₦2.96 billion. The cost-to-income ratio was 58.97%, almost unchanged from 58.88% a year earlier.
Total assets rose 126.58% to ₦375.73 billion from ₦165.83 billion at the end of 2025. Customer deposits rose 231.29% to ₦263.81 billion, and amounts due from banks and other financial institutions rose to ₦214.99 billion. Loans and advances to customers increased 13.96% to ₦11.08 billion.
Shareholders’ equity rose to ₦73.76 billion from ₦10.79 billion, after the bank issued ₦61.93 billion in new capital during the period. Earnings per share fell 56.89% to 8.22 kobo from 19.06 kobo, largely because of the larger number of shares following that issue.
Abbey Bank is in the process of converting from a primary mortgage bank to a regional commercial bank. The Central Bank of Nigeria gave final approval for the conversion on June 5, 2026, and the bank expects to begin commercial banking operations in the fourth quarter of 2026.
The shares closed at ₦5.75 on Tuesday, November 3, 2026, down 8.73% from ₦6.30 the previous session, and 10.2% below the ₦6.40 opening price for 2026.
