Infinity Trust Mortgage Bank earnings hit N1.005bn in 2018

Infinity Trust Mortgage Bank earnings hit N1.005bn in 2018* Nets N5.969bn in shareholders, declares N366.7m profit

The Infinity Trust Mortgage Bank (ITMB) Plc gross earnings hit the billion Naira mark for the first time, rising from N833.6 million in 2017 to N1.005 billion in 2018, representing 14 per cent increase. Similarly, profit before tax moved from N260.0 million previous year to N366.7million in 2018 or 40 per cent increase.

The Chairman, Dr. Adeyinka Bibilari, who made the disclosure, weekend, at the bank’s 13th Annual General Meeting (AGM), in Abuja, said following the good performance, the Board proposed a cash dividend of 3kobo per share to shareholders whose names appeared in the books of the Registrars by 24th, April, 2018.

He said, “The core mandate of the bank witnessed a boost, as loans grew from N3.104 billion making the first time the bank will cross the billion Naira mark. Total assets also grew from N8.134 billion in 2017 to N10.351 billion in 2018, a growth of 27 per cent while shareholders funds grew by 3.75 per cent from N5.753 billion to N5.969 billion in 2018, operating income surged to N892.9 million representing an increase 11,6 percent over the previous year.”

In his comments, the ITMB Managing Director, Dr. Olabanjo Obaleye, noted that the bank has continued to meet all regulatory-imposed prudential and internally operating ratios with Capital Adequate Ratio of 77 per cent, and liquidity of 122 per cent.

“The bank is well-positioned to meet all its maturing obligations, growing business resulting in increasing expenditure combined with various expenditure control strategies, which resulted in cost to income remaining at 65 per cent as in 2017, in 2018.”

He also said the bank is doing a feasibility of operating a branch in Kaduna, to take advantage of the conducive mortgage environment created by the state government with the commencement of its Geographic Information System, which makes the creation of legal mortgage more efficient in driving refinance-able mortgage. “Presently, our bank can boast of owning 14 estates in Abuja, housing many people,” he added.

Obaleye had earlier noted that the dividend of 3k per share declared, the Mortgage Bank has done so for the fifth year running since becoming a listed company, and for the 13th consecutive time since 2006; thus being the only mortgage bank in Nigeria to achieve this feat.

Scoring another first amongst its peers in the industry, the bank also published its first sustainability report in compliance with the recently issued NSE (Nigerian Stock Exchange) guidelines, the Global Reporting Initiative (GRI) standards, and the UN Global Compact standards.

The report captured among other things the value added statement, the stakeholders engagement report for 2018 capturing ITMB’s strategic responses, and the gender diversity/employee division report. The Bank maintained its entity rating of A3 in the short term, and Bbb+ (NG) in the long term; with a positive outlook and a service rating of SR3.

ITMB has maintained a robust asset base with total asset growing by 27 per cent as a result of the growth in investments, risk assets, deposits, on lending funds and shareholders’ funds, even as it runs an excellent enterprise risk management strategy.

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