Mortgage bank posts N847.1m profit

aab infinity trust mortgage bank
aab infinity trust mortgage bank

Infinity Trust Mortgage Bank has said it recorded N847.1m profit before tax in its 2022 financial year, representing an increase of 29 per cent from N656.9m posted in 2021.

The bank said, despite the high rate of interest by the Central Bank of Nigeria, its financial performance has remained satisfactory.

The PUNCH reports that the monetary policy rates were raised by the central bank to 18 per cent as of March 2023.

The Chairman, Board of Directors, ITMB, Adeyinka Bibilari, who made the disclosure at the bank’s 17th Annual General Meeting, on Thursday in Abuja, said it recorded an increase in mortgage and construction loans to its customers by 23.7 per cent from N9.91bn in 2021 to N12.26bn in 2022, growing its turnover to over N2.1bn.

He noted that the board approved a cash dividend of six kobo per share, totalling N250.2m to shareholders.

Bibilari added that through the branches and use of technology, the bank grew its total loan portfolio by 24 per cent from N9.9m to N12.3m.

He said, “Despite challenges, it has been a success story for the bank all the while. Consistently, the bank has been making profits since 2005 and has been declaring unbroken profits for the past 16 years. Our regulators are proud of us and continuously make us a point of reference. The society is also happy because people are benefitting from our existence.”

In his remark the managing director of the bank, Sunday Olumorin, bemoaned the challenges faced in the mortgage sector, noting that, “Affordable housing is one of the surest means for the creation of jobs, eradication of poverty, reduction of corruption and ensuring the security of the nation.”

“The acquisition of houses through mortgages remains a major challenge today, but we are able to increase and meet our financial objectives and surpass targets without compromising sustainability,” he added.