Infinity Trust Mortgage Bank, one of the notable primary mortgage banks in Nigeria, has recorded its highest nine-month profit in seven years in the third quarter of 2021, thanks to the increase in incomes from investment and other sources.
The company’s profit after tax surged 52.34 percent to N447.07 million in nine-month of 2021, compared to N293.46 million in the same period last year.
Compared to the N181.12 million profit reported in the nine months of 2014, 2021 N447.07 million is higher by 146.84 percent. The s profit reported by Infinity Trust Mortgage Bank in the nine months to September 2021 is the highest the lender has reported on record, going by the oldest financial report published in 2014 on the Nigeria Exchange Group (NGX) website.
During the period under review, Infinity Trust Mortgage Bank’s total turnover increased by 24.30 percent year-on-year, driven by growth in income from investment and rentals. The turnover increased to N1.24 billion in the review period from N993.8 million in the previous year.
Read also: Top 50 Brands: Dangote emerges most valuable brand, MTN most popular in Nigeria
Investment income increased to N136.21 million in the review period of 2021 from N108.9 million in the comparable period of 2020.
Rental income, on the other hand, was up from N9.30 million reported in the ninth month of 2020 to N27.71 million in the same period of 2021.
Other income was also up 436.51 percent to N37.18 million in the ninth month to September 2021 from N6.93 million in the comparable period of 2020.
Analysis of the unaudited financial results for the nine months period ended 30th of September, 2021 as published on the Nigerian Exchange by Infinity Trust Mortgage Bank Plc showed that the mortgage bank’s operating income totalled N1.06 billion. (+23.7 YoY).
The company which prides itself as a provider of seamless mortgage experience reported an operating expense that totalled N555.4 million (+2.8% YoY) in the period under review.
The bank’s earnings per share increased by 58.78 percent to 13.29 kobo in the ninth month to September from 8.37 kobo in the same period of last year.
