Infinity Trust Mortgage Bank grows loan book to N7.12bn

…Approves 4 Kobo dividend

By Fortune Eromosele

A mortgage lender firm, Infinity Trust Mortgage (ITMB) Plc, has said its loan portfolio increased by 33 percent to N7.12 billion in 2020, compared to the N5.34 billion it realised in 2019.

The Bank’s audited figures shows Profit before Tax increased to N465.06 million from N444.38 million in 2019. The total operating expenses dropped by 15 percent from N740 million in 2019 to N625 million in 2020.

The bank’s customer deposits increased significantly by 94.5 percent from NI.94 billion in 2019 to N3.77 billion in 2020 due to its spirited customer engagement strategy.

On-lending and refinancing activities also witnessed a growth of 22 percent from N2.19 billion to N2.68 billion. Total assets grew by 25 percent from N10.64 billion in 2019 to N13.34 billion in 2020, while shareholders’ funds grew by four percent from N6.20 billion in 2019 to N6.44 billion in 2020.

Meanwhile, the bank approved a dividend of 4 kobo per ordinary share at its 15th Annual General Meeting.

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 virtual AGM, the Chairman of the Board of Directors, Dr. Adeyinka Bibilari said the Bank achieved impressive financial results despite the challenges of the coronavirus pandemic.

He commended the Board of Directors and the management for their collective effort towards the achievement of the bank.

“The positive performance is attributed to the Bank’s strategic focus of growing the balance sheet and diversifying the Bank’s income base. This was underpinned by a robust risk management framework, strengthening of the internal control along with good technological framework and innovation in internal operations and processes”, he said.

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

The Board approved the appointment of two Non-Executive Directors, Mrs. Abisola Obaleye, Mrs Nkechi Bibilari, and an Executive Director, Mr. Sunday Olumorin.

The shareholders appreciated the Board and Management for the financial performance of the bank during this challenging environment, while expressing their satisfaction for declaring such a dividend for the year which is one of the highest among similar sized mortgage banks in Nigeria.

Managing Director and Chief Executive Officer, Dr. Olabanjo Obaleye in his reaction to the bank’s performance in 2020 stated that “I am proud that in addition to successfully navigating all of the challenges of operating in a pandemic environment, we achieved improvements creating shelter and wealth in profitability.” He maintained that the Bank is committed to investing in the business and maintaining consistent profitability trend.

He added that “The robust performance of 2020 enabled the Bank to steadily increase its profitability and dividend distribution for the year. We are committed to continuing our efforts to generate valuable returns to shareholders.”

Obaleye emphasized that the Bank would continue to position itself to attract average income earners who desire to buy a house through efficient mortgage delivery, while maintaining competitive interest rates amid varying tenors.

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