Infinity Trust Mortgage Bank has released its 2016 full year results and shareholders will not be too disappointed with the bank’s performance. In a year when all sectors of the economy suffered from the recession and most companies suffered heavy losses, the bank managed to record some successes.
For example, the bank recorded a 45% increase in its loan portfolio with housing loans given out increasing from N1.67bn recorded in the preceding year to N2.42 billion in 2016, Punch reports.
Similarly, shareholders will be pleased that the management had proposed to pay a dividend of three kobo per share to shareholders, thus making it the third consecutive year the bank is paying dividends. This was made possible by the increase in the bank’s gross earnings from N755.92 million in 2015 to N851.81 million while prospective homeowners’ deposits to the bank went up by 8.51 per cent to N1.53bn by December 2016 from N1.41bn a year earlier.
The Managing Director/Chief Operating Officer, ITMB, Mr. Olabanjo Obaleye, further explained: “Our core business of increasing the number of homeowners led to our loan portfolio growing from N1.67bn in 2015 to N2.42bn in 2016, an increase of 45 per cent”
