Infinity Trust Mortgage Bank Plc has declared a final dividend of 3 kobo per 50 kobo ordinary share for the financial period ended Monday, December 31, 2018.
Come Thursday, May 30, 2019, the dividends will be paid electronically to shareholders whose names appear on the Register of Members as at Wednesday, April 24, 2019.
Only shareholders who have completed the e-dividend registration process and mandated the Registrar to pay their dividends directly into their bank accounts, will get paid.
While the Register of shareholders will be closed between April 25th, 2019 to May 9th, 2019, April 24th, 2019, has been scheduled as the Qualification Date.
A dividend is a payment made by a company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it reinvests a portion of the profit in the business (retained earnings) whilst paying a portion as dividends to the shareholders.
Distribution to shareholders may be in cash (usually a deposit into a bank account) or the issuance of further shares, otherwise known as shares repurchase. But this is usually if the company has a dividend reinvestment plan.
In other words, a dividend is allocated as a fixed amount per share with shareholders receiving a dividend in proportion to their shareholding. For the joint-stock company, paying dividends is not an expense; rather, it is the division of after-tax profits among shareholders.
About the bank
Infinity Trust Mortgage Bank Plc was incorporated on January 28, 2002. It, however, commenced business operations in Abuja, in 2003.
As part of its strategic turn-around, the bank was converted to a Public Limited Liability Company on January 25, 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 (NSE) on December 11, 2013.
In 2014, it became a National Mortgage Bank. Currently, the bank has equity shareholding in Nigeria Mortgage Refinance Company (NMRC).
Infinity Trust Mortgage Bank Plc is currently trading at N1.42 on the floor of the NSE.