By Favour Nnabugwu

Infinity Trust Mortgage Bank Plc has declared a total asset of N7.6 billion at the end of its operations for the financial year ended December 31, 2015. Chairman of the bank, Dr Adeyinka Bibilari, speaking at the bank’s 10th annual general meeting in Abuja, noted that the figure shows a growth of 5.55 percent over the N7.2 billion that the bank recorded for its operations in 2014.  The bank also posted a profit before taxation (PBT) of N262.4 million while total operating expenses increased by 10.5 per cent from N393 million in 2014 to N434 million in 2015. He described the bank’s performance as a feat in view of the harsh economic and operating environment during the period.

Bibilaro remarked the bank has declared profit consistently for the past 10 years, which he noted was unprecedented in the mortgage banking industry. “Our strategies in terms of the aggressive mobilisation of customer deposits paid off even with the harsh environment, with deposit growing from N1.1billion in 2014 to N1.4billion in 2015, an increase of 27 per cent.

Our commitment and passionate attachment to increasing house ownership led to our loan and advances also growing from N1.2 billion in 2014 to N1.7 billion in 2015, an increase of 41 per cent, while shareholders funds also grew from N5.5billion in the preceding year to N5.6billion in 2015,” the chairmen said. Also speaking, managing director/chief executive officer, Olabajo Obaleye said the bank was paying three kobo dividend per share to shareholders in line with the company’s objective of maximising and increasing wealth to its stakeholders, adding that this will make the ninth consecutive time the bank is declaring dividend.

“With a Capital Adequacy Ratio of 124 per cent and liquidity of 191 per cent, the bank is well poised to meet all its maturing obligations. Harsh operating conditions pushed cost to income ratio to 61 per cent. However this did not deter the Bank from making a profit before tax of N262.4 million,” he said.

Obaleye further said that the bank’s loan and advances rose by 34.5 percent from N1.24 billion in 2014 to 1. 67 billion in 2015.  Similarly, deposits rose from 1.064 billion in 2014 to 1.415 billion in 2015 representing a 33 percent increase.