By Favour Ulebor – Abuja

Infinity Trust Mortgage Bank Plc (ITMB) has defied Nigeria’s harsh economic realities to post a remarkable 51 per cent growth in gross earnings for the year 2024. 

The announcement came during the bank’s 19th Annual General Meeting (AGM), held in a hybrid format on Tuesday in Abuja, where shareholders and stakeholders convened to assess the bank’s performance and future outlook.

Speaking at the meeting, Chairman of the Bank, Mrs. Okwa Ene Iyana, highlighted ITMB’s resilience in the face of national challenges such as inflation, insecurity, political instability, and currency devaluation. 

She detailed the bank’s financial performance, revealing a 51 per cent increase in gross earnings to N4.3 billion, a 43 per cent rise in profit before tax (PBT) to N1.722 billion, and a 17 per cent growth in shareholders’ funds. 

She also announced her planned retirement by August 2025.

She said, “Our resilience amid national challenges has paid off. Gross earnings rose by 51%, profit before tax grew by 43%, and shareholders’ funds increased by 17%.

“I will be retiring in August 2025, and I’m confident that the next phase of leadership will build on our achievements.”

Newly appointed Acting Managing Director/CEO, Mrs. Ngozi Chukwu, emphasized the bank’s forward-thinking approach and efforts to keep stakeholders connected through innovation. 

She said, “Hosting our AGM virtually has allowed us to engage with shareholders efficiently while ensuring inclusivity and accessibility”.

Also speaking on the bank’s recent achievements, Corporate Communications Officer, Success Ayodele, expressed delight over the Sustainability Award presented to ITMB by the Development Bank of Nigeria (DBN). 

The award recognizes the bank’s commitment to environmental, social, and governance (ESG) standards in the mortgage sector.

She said, “This award is a testament to our commitment to sustainability and responsible banking. We remain dedicated to providing innovative mortgage solutions that not only empower individuals but also contribute to the economic and environmental well-being of Nigeria,” Ayodele said.

The AGM also featured the approval of a dividend of 21k per share, reflecting a 44 per cent increase from the previous year, alongside the re-election of directors and the appointment of audit committee members.