Infinity Trust Mortgage Bank’s plc (ITMB) strong performance in half-year (H1) 2014 validates its growth strategy, as it recorded impressive performance at both top-line and bottom-line level.
The results could be attributed to the savvy management of resources combined with focus strategy on the part of the proactive board of directors who have rendered excellent stewardship.
The bank reported turnover of N371.60 million for the six-month period to June 2014, an increase of 56.0 percent Year-on-Year (YoY), from N236.74 million as of half-year (HY) 2013.
Infinity Trust profit before tax surged by 116.90 percent to N169.01 million in HY 2014 compared with N77.92 million as of HY 2013.
Net margin, a measure of profitability and efficiency, jumped to 38.60 percent in HY 2014, from 27.97 percent as of HY 2013. Cost-of-sales ratio were down to 52.31 percent in HY 2014, as against 65.01 percent as of HY 2014.
Earnings per share (EPS) spiked by 116.90 percent to 3.44k from 1.59k in HY 2013.
ITMB was licensed in 2002, and started business operations in 2003.
The Abuja-based company has succeeded in providing 10,000 housing units for residents of the Federal Capital Territory.
As part of its organic growth strategy, the company has plans to spread its tentacles by opening branches in Port Harcourt and Kano.
Total assets were down slightly by 2.32 percent to N7.23 billion in HY 2014, compared with N7.40 billion as of HY 2013.
Loans and advances reduced by 14 percent to N1.12 billion in HY 2014, as against N1.26 billion as of HY 2013.
The bank had a return on average equity (ROeE) of 5 percent in the review period, while return on average assets (ROaE) was 3.63 percent. It share price on July 16, 2014, closed at N1.60 on the floor of the Exchange, while market value was also N6.17 billion.
BALA AUGIE
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