Key Highlights
- Infinity Trust Mortgage Bank Plc reported a pre-tax profit of N194.09 million in 2023 from a profit of N181.39 million reported during the same period in 2022.
- Turnover rose to N554.34 million from N463.41 million recorded during the comparable period of 2022 first quarter, representing a 19.62% growth.
- The bank increased interest and similar income by 27.46% to stand at N496.87million against N389.8 million in the same period of 2022
Infinity Trust Mortgage Bank Plc’s unaudited report for the first quarter ended March 31, 2023 showed that pretax profit grew by 7% to N194.09 million from the N181.39 million last year.
The bank reported a 19.62% growth in turnover from N463.41 million in 2022 to N554.34 million in 2023.
Profit after tax equally grew by 7% to N184.39 million in 2023 from N172.33 million reported last year.
Interest and similar expense rose by 35.49% from N93.25 million to N126,35 million in 2023.
During the period, the bank increased interest and similar income by 27.46% to stand at N496.87million against N389.8 million in the same period of 2022 as loans and advances to customers and credit-related fees and commissions rose.
Gross earnings
- 2023 Q1: N554.34 million
- 2022 Q1: N463.41 million
- Change: +19.62%
Total operating income
- 2023 Q1: N429.99 million
- 2022 Q1: N370.16 million
- Change: +15.62%
Total operating expenses
- 2023 Q1: N217.89 million
- 2022 Q1: N186.61 million
- Change: +16.76%
Pre-tax profit
- 2023 Q1: N194.09 million
- 2022 Q1: N181.39 million
- Change: +7%
Net Profit after tax
- 2023 Q1: N184.39 million
- 2022 Q1: N172.33 million
- Change: +7%
Bottom line: The growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.