Nigeria’s AG Mortgage Bank Lifts Assets 48% as Profit More Than Doubles
Nigeria's AG Mortgage Bank grew assets 48% in 2025 and more than doubled profit, leaning on government refinancing money rather than deposits to fund new home loans. The post Nigeria’s AG Mortgage Bank Lifts Assets 48% as Profit More Than Doubles appeared first on The Rio Times .
Nigeria's AG Mortgage Bank reported a 48% increase in assets to N33.04 billion (approximately US$24.9 million) in 2025, more than doubling its profits to N1.06 billion (about US$0.8 million). The growth was primarily driven by lending, with loans and advances rising 44% to N22.71 billion (around US$17.1 million). However, the bank's reliance on government refinancing money, such as a N7.83 billion (about US$5.9 million) facility under MREIF, and access to Federal Mortgage Bank of Nigeria funding, became more significant as customer deposits grew only 14% to N9.48 billion (around US$7.1 million).
Profit after tax increased 130% while profit before tax rose 89%. The bank's Chairman acknowledged the impact of inflation, high interest rates, and exchange-rate volatility despite the strong results. The bank's strategy aligns with Project Momentum 2030, aiming to address Nigeria's housing shortage by providing long-term, cheaper financing through government schemes like MREIF and the National Housing Fund.
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