SEC, dividends

Grows loan book by 92%

Hits N542m net profit after tax

By Fortune Eromosele – Abuja

Shareholders of Infinity Trust Mortgage Bank, ITMB, Plc, have approved a dividend of 5 kobo per ordinary share at its 16th Annual General Meeting of the Bank.

The Annual General Meeting was held at the Bank’s headquarters in Abuja with shareholders joining through virtual platforms.

Addressing shareholders and stakeholders at the hybrid AGM, the Chairman of the Board of Directors, Engr. Dr. Adeyinka Bibilari said, “We celebrate the Bank’s robust results, with a net profit after tax of N542 million, which shows the strength and resilience of our ambitious strategy. Our solid balance sheet, disciplined governance and risk management approach will position us for significant growth 2022.”

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He assured the shareholders that the Bank would implement holistic growth initiatives to improve market standing and optimize the business.

Observations by our correspondent revealed that the Bank’s audited figures shows the profit before tax increased to N656.92 million from N465.06 million in 2020.

This represented a growth of 419 percent. Also, loans grew by 39 percent from N7.12 billion in 2020 to N9.91 billion in 2021.

On-lending and refinancing activities also witnessed a growth of 22 percent from N2.68 billion to N4.76 billion. Total assets grew by 22 percent from N13.34 billion in 2020 to N16.19 billion in 2021, while shareholders’ funds grew by 5 percent from N6.44 billion in 2020 to N6.77 billion in 2021.

The bank’s customer deposit base increased by 59 percent from N3.77 billion in 2020 to N3.96 billion in 2021.

The shareholders appreciated the Board and management for the bank’s financial performance during this challenging business environment.

They expressed their satisfaction with such declaration of dividend for the year, which is one of the highest in the mortgage banking sub-sector in Nigeria.

The Managing Director/CEO, Mr. Sunday Clumorin, in his reaction to the Bank’s performance, noted that the Bank would be ahead of changing trends to deliver value to all stakeholders. “We will continue to explore opportunities and develop products that would deepen mortgage penetration,” he stated.

The MD/CEO further said the Bank would focus on entrenching the suitable structures and creating an agile and solution-minded team capable of driving the vision and mission of the Bank.

He said, “We have a strategy of becoming the most dominant Mortgage Bank in Nigeria, we have begun the implementation of new strategies that would increase our customer acquisition while improving the number of homeowners in the country through our flexible mortgage products.”

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 N6 billion and maintained an unbroken record in terms of consistency in dividend payment to shareholders for fourteen years running.

Infinity Trust Mortgage Bank Plc has wholly or partly financed no fewer than 20 modern estates in Abuja, thereby providing decent and affordable accommodation to over 10,000 Nigerian families.

Vanguard News Nigeria

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