Infinity Mortgage Bank presents facts behind the figures, ITMB

The management of Infinity Mortgage Plc has outlined the company’s growth strategy to capital market stakeholders with assurance that the organisation would continue to deliver superior returns to its shareholders.

Speaking at an event, which was covered by Nairametrics, the Chief Executive Officer, Dr Olabanjo Obaleye, said that the company had been able to grow its total assets from N10.3 billion at the end of 2018 to N11.23 billion by the end of July 2019.

[READ MORE: Dangote seeks mortgage financing in Nigeria]

Obaleye disclosed that the mortgage bank recorded a boost in its Loans & Advances, as it increased from N3.80 billion to N5.05 billion within the same period. Its Deposits and Investments of the company increased from N2.47 billion, N0.002 billion to N2.93 billion and N2 billion respectively within the same period.

He said, “Our growth in the key performance indicators was driven by our strong brand presence, improving customer confidence, strong risk management, expenditure control, efficient corporate governance and public and private housing initiatives among others.

“The bank is well-positioned to meet all its maturing obligations, growing business resulting in increasing expenditure combined with various expenditure control strategies, which resulted in cost to income remaining at 65 per cent as in 2017 and 2018. Presently, our bank can boast of owning 20 estates in Abuja, housing many people.”

He also said the bank was conducting a feasibility study and looking at operating a branch in Kaduna, to take advantage of the conducive mortgage environment created by the state government with the commencement of its Geographic Information System, which makes the creation of legal mortgage more efficient in driving refinance-able mortgage.

In his welcome remarks, Chief Executive Officer, The Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said that the NSE was encouraged that Infinity Mortgage Bank came forward to provide the market with more information about the strategic and financial developments within the organisation.

He said, “The Exchange continues to place Corporate Governance on the front burner as one of the basic elements for ensuring a sound investment environment and maximising shareholder returns. The Exchange remains keen in supporting you in achieving even greater success. In aiming to become the African exchange of choice for African issuers and global investors, the NSE continues to execute key initiatives targeted at developing a more transparent, liquid and accessible market, with a cutting edge technology platform to support the delivery of a wider range of investment products.”

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[READ ALSO: Mortgage Banks get boost, as Mwfl steps in to support the Mortgage Sector]

 

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