Infinity Trust Mortgage Bank Plc has experienced a 32.6% increase in profit after tax for the nine months period ended 30 September 2019.
This was disclosed in the mortgage bank’s interim financial statements for the nine-month period published earlier today on the website of the Nigerian Stock Exchange.
Turnover: Turnover for the group increased from ₦717.36 billion in 2018 to ₦993.85 billion in the year under review. This represents a 38.5% increase year on year.
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Profit Before Tax: Profit Before Tax increased from ₦233.67 billion in 2018 to ₦308.90 billion in 2019. This represents a 32.1% increase year on year.
Profit After Tax: Profit After Tax also increased from ₦221.26 billion in 2018 to ₦293.45 billion. This represents a 32.6% increase year on year.
Earnings Per Share: The Earnings Per Share also increased from ₦6.06 in 2018 to ₦8.37 in 2019.
In a recent interview with Nairametrics, the management of Infinity Mortgage Plc outlined the company’s growth strategy to capital market stakeholders. It also promised to continually deliver superior returns to its shareholders.
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.
Obaleye also added that the company recorded a boost in its Loans & Advances, as it increased from N3.80 billion to N5.05 billion within the same period. The 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.
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About Infinity Trust Mortgage Bank Plc (ITMB): Infinity Trust Mortgage Bank Plc (ITMB) was licensed in 2002 and started business operations in 2003. Its registered trademark – Infinity Homes is a reflection of the strong desire of the Bank to create endless opportunities for shelter for every category of Nigerians.
Infinity Trust Mortgage Bank Plc is currently trading at ₦1.39 in today’s trading session on the floor of the Nigerian Stock Exchange.