Infinity Trust Mortgage Bank Posts N1.4bn Revenue, N420m Profit

0

Goddy Egene

Infinity Trust Mortgage Bank (ITMB) Plc has reported a revenue of N1.378 billion and profit after tax (PAT) of N419.697 million respectively for the year ended December 31, 2019.

In its interim unaudited accounts made available to stock market operators, ITMB posted N1.378 billion revenue in 2019, up by 37.3 per cent from the N1.005 billion recorded in 2018. Net operating income rose from N943 million to N1.184 billion, while total operating expenses rose from N577 million to N743 million.

Profit before tax rose 20.4 per cent from N366.756 million to N441.786 million. However, PAT grew slower by 9.4 per cent to N419.697 million from N383.467 million due to a jump of 232 per cent in tax from N6.644 million to N22.089 million.

The Managing Director/CEO of ITMB Plc, Dr. Olabanjo Obaleye last September said the company continued to maintain profitability since its listing on the Nigerian Stock Exchange (NSE) despite the harsh business environment in the country.

He said the bank had increased its number of shareholders, attained national primary mortgage bank status, and opened its Lagos regional office.

“We have received strong industry and regulatory ratings, and many industry and international awards. The bank also added two independent directors and became shareholders with Nigeria Mortgage Refinance Company and Mortgage Warehouse Funding Limited. The bank has held its annual general meetings consistently,” he said.

Obaleye explained that ITMB Plc was constantly exploring areas that could advance its core values, part of which was the adoption of digital initiatives like development of mobile application which will increase convenience and payment options available to customers.

He said the company needed to be technology-driven and that was why we were exploring available options by joining the NIBSS platform to improve customer service, drive revenue and promote corporate goodwill.

Meanwhile, the equities market rebounded yesterday as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.45 per cent to close at 29,591.29, while market capitalisation added N68.5 billion to be at N15.2 trillion. The performance improved the year-to-date growth to 10.2 per cent.

A total of 14 stocks appreciated same as number of price losers. CAP Plc led price gainers with 10 per cent, trailed by Unilever Nigeria Plc with 8.1 per cent.

Conversely, Linkage Assurance Plc led the price losers with 8.3 per cent, followed by WAPIC Insurance Plc with 7.8 per cent.