Infinity Trust Mortgage Bank saw 26% dip in Q2 profit

Capital One

Infinity Trust Mortgage Bank plc said its net profit for the second quarter dipped by 26% to NGN100.1 billion against NGN136.1 billion recorded in the financial year 2016.

The bank’s net interest income slightly rose to NGN251.5 billion compared to NGN237.7 billion recorded same period 2016. While operating income for the period decreased to  NGN369.6 billion against NGN376 billion posted in the year 2016.

The bank recorded an increase in interest and similar income to NGN287.8 billion from NGN262.2 billion recorded in the year before, while its interest expenses also increased to NGN36.3 billion against NGN25 billion reported in the year 2015.

The bank recorded NGN111.3 billion as profit before tax in the period under review against NGN151.3 recorded in the fiscal year 2016.

The bank’s total assets stood at NGN8 billion as recorded same period 2016 while its total liabilities was NGN5.6 billion versus NGN5.6 billion recorded in 2016.

The bank ended the second quarter of 2017 with a Turn-over of NGN406 billion against NGN401 billion recorded same period 2016.

Company Information

Infinity Trust Mortgage Bank Plc was incorporated on 28th January, 2002, as Infinity Trust Savings & Loans Limited. However, it commenced business operations in Abuja, in 2003.For over a decade, our registered trademark – Infinity Homes – has remained a true reflection of our unalloyed commitment towards providing Nigerians with endless opportunities through affordable home ownership.

As part of our strategic turn-around, the bank was converted to a Public Limited Liability Company on 25th January, 2013, and had to change its name to Infinity Trust Mortgage Bank Plc. Consequently, its shares were listed by introduction on the main floor of the Nigerian Stock Exchange on December 11, 2013. In 2014, it became a National Mortgage Bank. Currently, the bank has equity shareholding in the Nigeria Mortgage Refinance Company (NMRC).

Indisputably, one of the leading and most capitalized Primary Mortgage Banks in Nigeria, the bank has significantly increased its shareholders’ funds from less than N50m in 2003, to over N5billion and maintained an unbroken record in terms of consistency in dividend payment to shareholders for nine years running. Infinity Trust Mortgage Bank Plc has wholly or partly financed no fewer than 14 modern estates in Abuja, thereby providing decent and affordable accommodation to over 3,000 Nigerian families.