AG Mortgage Bank’s N3.97bn CP gets full subscription
AG Mortgage Bank Plc successfully raised N3.97bn through its Series 2 and 3 Commercial Paper issuance, achieving 100% subscription. This strengthens the ba Read More: https://punchng.com/ag-mortgage-banks-n3-97bn-cp-gets-full-subscription/
AG Mortgage Bank Plc successfully issued N3.97 billion in commercial paper, meeting 100 percent subscription demand. The issuance, part of the bank's N5 billion Commercial Paper Programme, aimed to bolster its short-term working capital and funding needs. The Series 2 and 3 notes, with 270-day and 364-day tenors respectively, offered gross implied yields between 22.5 percent and 24 percent.
Lead Arranger FSDH Capital Limited, along with Pathway Advisors Limited, AIICO Capital Limited, and ARM Capital Limited, facilitated the issuance which opened on June 10 and closed on June 18.
AG Mortgage Bank's Managing Director and CEO, Ngozi Anyogu, emphasized that the full subscription highlighted investor confidence in the bank, its governance standards, and its long-term vision for expanding housing finance access. She added that the proceeds from the issuance would bolster the bank's liquidity position, support short-term funding requirements, and enable deeper mortgage financing, thereby accelerating the delivery of affordable housing solutions in Nigeria.
The bank remains dedicated to innovation in housing finance, creating sustainable value for customers, investors, and the broader economy.
In the financial year ending December 31, 2025, AG Mortgage Bank's interest income grew by 28.1 percent to N3.65 billion from N2.85 billion in 2024. Supported by loan portfolio and mortgage financing growth, net interest income reached N2.21 billion, while operating profit increased to N1.39 billion from N729.12 million in the previous year.
Profit after tax surged more than 130 percent, climbing to N1.05 billion from N458.7 million in 2024. Founded in July 2004, the bank transitioned from AG Homes Savings & Loans to AG Mortgage Bank Plc in 2015. Its asset base expanded from around N200 million to over N33 billion since inception. AGMB is accredited for the National Housing Fund scheme and participates in federal housing initiatives, including the Family Homes Funds program and the Mortgage Refinancing and Expansion Intervention Facility.
The bank provides mortgage and construction financing, savings products, investment notes, and digital banking services through its AG Sprint platform.
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