Abbey Bank Plc reported a pre-tax profit of N3.23 billion for the 9 months ended September 30, 2026, representing a rise of 112.63% from N1.52 billion within the corresponding interval of 2025.
In the third quarter, pre-tax profit surged by 126.34% to N1.72 billion from N760.64 million in Q2 2026 and rose by 157.02% from N669.84 million in Q3 2025, beating the financial institution’s forecast of N969.53 million by 77.58%.
The earnings beat was supported by stronger-than-expected curiosity revenue, whereas Q3 profit after tax of N1.68 billion exceeded the forecast of N727.14 million by 130.42%.
For the nine-month interval, gross earnings elevated by 120.31% to N30.15 billion, whereas profit after tax rose by 55.89% to N2.26 billion.
The nine-month pre-tax profit additionally surpassed the N3.13 billion recorded for your entire 2025 monetary yr, as Abbey Bank advances its transition from a major mortgage financial institution to a regional industrial financial institution.
The efficiency comes as Abbey Bank transitions from a major mortgage financial institution to a regional industrial financial institution, following remaining approval from the Central Bank of Nigeria on June 5, 2026.
Key Highlights
The following figures cowl the 9 months ended September 2026, with year-on-year comparisons, aside from stability sheet figures, that are in contrast with December 2025.
- Gross earnings: N30.15 billion (Up 120.31% YoY from N13.69 billion).
- Interest revenue: N28.83 billion (Up 120.28% YoY from N13.09 billion).
- Interest expense: N22.28 billion (Up 122.98% YoY from N9.99 billion).
- Net curiosity revenue: N6.56 billion (Up 111.60% YoY from N3.10 billion).
- Fees and fee revenue: N544.28 million (Up 30.00% YoY from N418.67 million).
- Total working revenue: N7.88 billion (Up 113.10% YoY from N3.70 billion).
- Operating bills: N4.65 billion (Up 113.43% YoY from N2.18 billion).
- Earnings per share: 8.22 kobo (Down 56.89% YoY from 19.06 kobo).
- Total belongings: N375.73 billion (Up 126.58% from N165.83 billion in December 2025).
- Customer deposits: N263.81 billion (Up 231.29% from N79.63 billion).
- Loans and advances: N11.08 billion (Up 13.96% from N9.72 billion).
- Shareholders’ fairness: N73.76 billion (Up 583.75% from N10.79 billion).
Driving the numbers
Abbey Bank’s nine-month earnings progress was largely pushed by greater curiosity revenue, notably from short-term funds and funding securities.
- Interest revenue elevated by 120.28% to N28.83 billion, accounting for about 95.62% of gross earnings through the interval.
According to the notes to the monetary statements, curiosity revenue from short-term funds reached N24.53 billion, in contrast with N9.51 billion within the corresponding interval of 2025. This represents 85.08% of whole curiosity revenue.
- Interest revenue from funding securities at amortised price elevated to N2.61 billion from N1.90 billion, whereas curiosity revenue from loans and advances declined barely to N1.69 billion from N1.71 billion.
The figures present that Abbey Bank’s earnings have been predominantly generated from short-term placements and funding securities. However, the expansion in curiosity revenue was accompanied by a major improve in funding prices.
- Interest bills rose by 122.98% to N22.28 billion from N9.99 billion, largely reflecting the upper price of buyer deposits.
- Interest bills on buyer deposits reached N21.84 billion, in contrast with N8.10 billion within the corresponding interval of 2025, accounting for about 98.07% of whole curiosity bills.
Despite these prices, web curiosity revenue elevated by 111.60% to N6.56 billion from N3.10 billion.
Non-interest revenue additionally contributed to earnings progress. Fees and fee revenue elevated by 30.00% to N544.28 million, whereas different working revenue rose to N774.90 million from N178.54 million.
- The financial institution recorded N231.76 million in web features on monetary belongings measured at honest worth by way of profit or loss through the interval.
On the working price facet, bills elevated by 113.43% to N4.65 billion from N2.18 billion, reflecting greater personnel, depreciation, and different working bills.
- Personnel bills rose to N1.32 billion from N671.82 million, whereas different working bills elevated to N2.96 billion from N1.33 billion.
Nevertheless, the financial institution maintained a cost-to-income ratio of 58.97%, in contrast with 58.88% within the corresponding interval of 2025.
- The third-quarter figures point out sustained earnings momentum, with curiosity revenue reaching N14.26 billion, in contrast with N5.28 billion within the corresponding quarter of 2025.
Quarterly web curiosity revenue elevated to N3.60 billion from N1.16 billion, whereas profit after tax rose by 161.03% to N1.68 billion from N641.87 million.
Balance Sheet
On the stability sheet, Abbey Bank’s whole belongings expanded by 126.58% to N375.73 billion as of September 2026, from N165.83 billion in December 2025, primarily pushed by will increase in balances with different monetary establishments and investments.
- Amounts due from banks and different monetary establishments elevated by 392.00% to N214.99 billion from N43.70 billion, whereas monetary investments held at amortised price rose by 27.79% to N136.19 billion from N106.57 billion.
- Loans and advances to prospects elevated by 13.96% to N11.08 billion from N9.72 billion.
The growth in belongings was supported by a considerable improve in buyer deposits, which rose by 231.29% to N263.81 billion from N79.63 billion.
Shareholders’ fairness additionally elevated to N73.76 billion from N10.79 billion, reflecting extra capital of N61.93 billion issued and absolutely paid through the interval.
- Overall, Abbey Bank’s outcomes replicate stronger curiosity earnings, important deposit mobilisation and elevated capitalisation because it prepares to start regional industrial banking operations.
The financial institution disclosed that it acquired remaining regulatory approval for its conversion on June 5, 2026, and anticipated to start industrial banking operations within the fourth quarter of 2026.
Market response
Abbey Bank closed at N5.75 per share on Tuesday, November 3, 2026, representing a decline of 8.73% from its earlier closing worth of N6.30 on November 2.
The inventory has declined by 10.2% year-to-date from its opening worth of N6.40 originally of 2026.
