• Thursday, May 23, 2024
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Infinity Trust Mortgage Bank sees 38% growth in annual gross earnings

Infinity Trust Mortgage Bank sees 38% growth in annual gross earnings

Sunday Olumorin, managing director/CEO at Infinity Trust Mortgage Bank Plc, has disclosed that the institution’s gross earnings increased by 38 percent to N2.96 billion last year from N2.09 billion in 2022.

According to him, the increase was a result of a rise in its loan assets, as the bank disbursed a total of N7.94 billion in loans in 2023 and closed the year with loan assets valued at N15.3 billion.

He disclosed this at the 18th Annual General Meeting (AGM) of Infinity Mortgage Bank held in Abuja.

He noted that 2023 was a great year with strong financial results as the bank generated N2.9 billion and grew its loan assets to N15.3 billion. He said the growth was an indication of how focused the bank is to achieve both her short-term and long-term goals, with both Profit before Tax and Profit after Tax crossing the borderline of N1 billion.

The CEO added that “Although total expenses equally increased by 15 percent which was primarily due to rising inflation induced by instability in the value of naira and increase in debt funding, the bank achieved a 42 percent increase in profit before taxation of N1.203 billion compared to N847.1 million in 2022. This means that the bank has remained consistently profitable for 18 consecutive years.”

Olumorin stated that the balance sheet expanded by 23 percent, from N16.7 billion in 2022 to N20.6 billion in 2023; While shareholders’ funds grew by 10 percent, he said shows the strength of the bank in implementing strategies to meet its set corporate objectives.

He also said that customer deposits increased from N3.2 billion in 2022 to N4.41 billion in 2023, while the bank’s debit on-lending and refinancing activities witnessed a growth of 31 percent from N5.41 billion in 2022 to N7.09 billion in 2023, due to investor confidence in the bank.

Ene Iyana Okwa, chairman of the board of directors commented that the bank had continued to meet all regulatory, prudential, and internal operating ratios, with a Capital Adequacy Ratio of 41.2 percent and Liquidity Ratio of 44.3 percent.

She said the bank is well-positioned to take advantage of profitable business opportunities and meet its maturing obligations.

“Despite the growing cost of doing business, the bank was able to improve operational efficiency by reducing its cost to income from 49.4 percent in 2022 to 43.3 percent in 2023,” she said