AG Mortgage Bank Reports Sharp Asset and Profit Growth in Nigeria
At its annual general meeting on 25 September 2026, AG Mortgage Bank said total assets rose 48% in 2025 to N33.04 billion and profit after tax jumped 130% to N1.06 billion. Loans and advances grew 44% to N22.71 billion, far outpacing customer deposits, which rose 14% to N9.48 billion. A N7.83 billion facility from the federal mortgage refinancing fund MREIF helped bridge the funding gap.
AG Mortgage Bank's 2025 results, presented at a virtual shareholder meeting on 25 September 2026, showed assets climbing to N33.04 billion from N22.37 billion. Loans and advances reached N22.71 billion, while customer deposits stood at N9.48 billion, leaving a funding shortfall. A N7.83 billion MREIF facility helped cover part of that gap.
The lender also raised N3.97 billion via commercial paper in June, with yields between 22.5% and 24%. Nigeria's mortgage sector remains small, and primary mortgage banks like AG play a notable role in home lending. Dollar figures in the report used a rate of about N1,327 per US dollar.
The bank's expansion could widen mortgage access for Nigerian households, especially buyers who struggle to secure long-term home loans. If growth depends heavily on MREIF refinancing, lending may remain sensitive to public funding decisions. High commercial paper yields may also keep borrowing costs elevated, potentially limiting affordability for lower-income borrowers. Shareholders and depositors could benefit from stronger profits, but the model's durability may matter for housing-market stability.