LAGOS — AG Mortgage Bank Plc recorded strong growth across key financial indicators in 2025, as the mortgage lender expanded its balance sheet, increased lending and strengthened its funding capacity amid Nigeria’s challenging economic environment.
At the bank’s 2026 Annual General Meeting, held virtually on September 25, shareholders were told that gross earnings increased 42% to ₦4.93 billion in 2025, from ₦3.47 billion in 2024.
The stronger top-line performance translated into a significant increase in profitability. Profit before tax rose 89% to ₦1.38 billion, while profit after tax surged 130% to ₦1.06 billion.
Earnings per share also increased to ₦10.55 from ₦4.59, reflecting the substantial improvement in the bank’s bottom-line performance.
The results came against a backdrop of persistent inflation, elevated interest rates and exchange-rate volatility, which have increased the cost of housing and constrained access to long-term mortgage finance in Nigeria.
Speaking at the AGM, Chairman of the Board, Rev. Abel Amadi, said the performance demonstrated the bank’s ability to grow while operating in a difficult macroeconomic environment.
“These results are particularly encouraging because they demonstrate that the Bank was able to achieve meaningful growth while operating within a demanding economic environment,” Amadi told shareholders.
Assets, mortgage lending expand
The bank’s balance sheet recorded significant expansion during the year.
Total assets increased 48% to ₦33.04 billion, compared with ₦22.37 billion in 2024, while loans and advances rose 44% to ₦22.71 billion.
Customer deposits increased by 14% to ₦9.48 billion, while shareholders’ funds grew 17% to ₦7.16 billion.
Managing Director and Chief Executive Officer, Ngozi Anyogu, described the growth in the loan book as particularly significant, saying it reflected the bank’s increasing capacity to deploy funds into mortgage lending while maintaining credit discipline and portfolio quality.
The expansion also comes as Nigeria continues to face a substantial housing deficit and challenges around the availability and affordability of long-term housing finance.
Mortgage refinancing strengthens funding capacity
A major component of AG Mortgage Bank’s strategy is the expansion and diversification of its funding sources.
The bank highlighted its ₦7.83 billion Mortgage Refinance and Investment Enhancement Facility (MRIEF), alongside continued access to funding from the Federal Mortgage Bank of Nigeria (FMBN) for qualifying National Housing Fund lending.
According to Anyogu, the funding arrangements provide more than additional liquidity, strengthening the bank’s ability to participate in housing-finance programmes and broaden access to mortgage finance.
The strategy is aimed at increasing the pool of Nigerians able to access formal housing finance while providing the bank with a stronger platform for balance-sheet growth.
Sustainable housing becomes growth pillar
AG Mortgage Bank also identified sustainable and affordable housing finance as a key component of its longer-term strategy.
Management said its product-development approach is focused on supporting affordable and liveable housing, while creating value for customers, shareholders, employees and communities.
The strategy forms part of the bank’s Project Momentum 2030 agenda, which is designed to position the institution for a more technology-driven and customer-focused phase of growth.
The bank plans to use technology and strategic partnerships to expand customer reach, improve operational efficiency and deepen its core mortgage business.
Risk management remains central
Despite the expansion of lending and the balance sheet, management said growth would continue to be anchored on prudent risk management and regulatory compliance.
The board said it had strengthened oversight of credit quality, liquidity, enterprise risk and regulatory compliance during the financial year.
Management also said its credit-risk framework incorporates forward-looking assessments of macroeconomic conditions in line with IFRS 9 requirements.
The approach is intended to ensure that increased lending does not undermine asset quality as the bank scales its operations.
AG Mortgage Bank targets next phase of growth
AG Mortgage Bank, which marked 21 years of operations in 2026, said its next phase would focus on scale, efficiency, technology, customer acquisition and sustainable value creation.
The lender intends to deepen its mortgage business while expanding its reach through digital channels, strategic partnerships and broader access to funding.
The developments point to a strategy in which balance-sheet expansion and funding capacity are being positioned as key drivers of mortgage-market growth, even as high interest rates and affordability constraints continue to shape Nigeria’s housing-finance market.
At the AGM, shareholders also re-elected members of the Audit Committee, including Dr Mark Chigozie, Monday Ubani and Engr. Eme Tasie, among others.
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