L-R Mr. Akin Arikawe (Director), Mrs. Tolulope Osho ( Company Secretary), Dr. Adeyinka Bibilari (Chairman of the Board), Dr. Olabanjo Obaleye, (Managing Director/CEO), Mr. Dada Ademokoya (Director), Engr. Babatunde Olaleke (Director)

…Approves 3.5 kobo dividends

By Chris Ochayi

The Infinity Trust Mortgage Bank Plc said its total assets has grown  by 3% from N10.351 billion in 2018 to N10.644 billion in 2019.

The bank, which disclosed this during its 14th Annual General Meeting, AGM, held Thursday in Abuja, also announced that it witnessed 40% growth in its loan portfolio from N3.802 billion in 2018 to N5.338 billion in 2019.

Chairman of the bank, Dr. Adeyinka Bibilari, who disclosed this while speaking during the bank’s first-ever virtual AGM, also said the Bank’s audited figures show a 37.6 per cent rise in gross earnings from N 1.005 billion in 2018 to N1.383 billion in 2019.

He said further that a 21.2% percent increase in Profit before tax from 366.8 billion in 2018 to N444.4 million in 2019, just as he total total assets grew by 3% from N 10.351 billion in 2018 to N10.644 billion in 2019.

Infinity Trust Mortgage Bank Plc, however approved a dividend of 3.5 kobo per share for shareholders.

Speaking further, Bibilari, said the financial institution has recorded impressive achievements in spite of the prevailing Coronavirus, CIVID-19, pandemic in the country.

Dr. Bibilari regretted that the AGM, which was initially scheduled to hold physically, was disrupted by the Covid-19 pandemic and the associated national response.

Meanwhile, the meeting, which took place at the Bank’s head office, was held in adherence with social distancing rules and directives of the Federal Government. 12 persons attended physically.

Bibilari, acknowledged all the shareholders, physically present or by proxy. He also acknowledged the presence of representatives from regulatory agencies such as the Securities and Exchange Commission, and CBN.

He noted that the country is indeed going through a trying time due to the Covid-19 pandemic as this has affected so many businesses and rendered some individuals jobless.

The Chairman noted that in compliance with the company’s articles of association, that there was enough quorum at the meeting to carry on the business of the day.

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Dr Bibilari, said he was satisfied with the reports noting that they were a true reflection of the performance of the Bank during the 2019 financial year.

According to him, “We remain resolute in our commitment to be an industry leader in the Banking sub sector through innovation, focus and excellent service delivery.

“We shall continuously drive our growth and success story, and improve our efficiency and profitability as we pursue and execute our current and expansionary goals.We are putting in place the right people and technology that will enhance the actualization of our goals.”

Subsequently, shareholders of the Bank approved the Bank’s 2019 annual reports & accounts, during the bank’s first-ever virtual Annual General Meeting (AGM).

One of these resolutions at the AGM was the payment of dividends to shareholders. The shareholders approved the appropriation of profits proposed by the Board of Directors and resolved to distribute a dividend of 3.5 kobo per share. This marks the 14th year that the Bank has maintained profitability and consistently paid dividends to shareholders.

The shareholders applauded the bank for keeping a strong operating performance despite the dwindling economy and keeping to its mandate of increasing investors wealth by not reneging on its dividend commitment despite the raging economic uncertainties presented by the pandemic.

In his remarks, the Managing Director and Chief Executive officer, Dr. Olabanjo Obaleye maintained that the Bank’s impressive result was as a result of the zeal and commitment towards excellence of both the Board, management and staff.

He reiterated that the Bank has been a pace setter for other mortgage Banks in Nigeria and will continue to innovate products that will make mortgage accessible to those yearning to own their homes.

He said, “The Bank’s key capital and liquidity figures remain well above the regulatory requirements, even after the reporting date of 31 December 2019.

“Thanks to our very good capital and liquidity situation with an equity ratio well above the minimum legal requirement as well as its solid business policy. We have continued to develop products, and procedures designed to meet with the evolving business environment.”

“I am glad that the shareholders will get their dividends this year, this makes it the 14th year we have consistently paid dividends to our shareholders. Creating wealth to our shareholders has been a critical focus of our value addition,” said Dr. Obaleye

On the 2020 outlook, Dr. Obaleye emphasized that the Bank will be focusing on the profitable side of the business despite the harsh economic realities especially with the expected impact of Covid-19 pandemic.

“Just as we were able to hold our first virtual Annual General Meeting with the aid of Technology, we would launch products and services that are technology driven which will enhance customer experience.”

“We would be targeting expansion of our operating capacity, the optimization and scaling of our internal processes and structures in order to reduce our overhead costs, as well as the generation of additional revenues through new business opportunities.”

Infinity Trust Mortgage Bank PLC, one of the leading and most capitalized Primary Mortgage Banks in Nigeria, the bank has significantly increased its shareholders’ funds from less than N50m in 2003, to over N5billion and maintained an unbroken record in terms of consistency in dividend payment to shareholders for thirteen years running.

Infinity Trust Mortgage Bank Plc has wholly or partly financed no fewer than 14 modern estates in Abuja, thereby providing decent and affordable accommodation to over 4,000 Nigerian families.

Vanguard