Infinity Trust Mortgage Bank has released its unaudited financial statement for 2023, posting a pre-tax profit of N1.21 billion, representing a 42.8% increase from the N847 million reported in 2022.
In 2023, the company recorded a revenue of N2.9 billion, 38.5% greater than the N2.1 billion reported in 2022. The mortgage bank recorded a net interest income of N2.54 billion, up 40.6% from N1.81 billion in 2022.
Like other entities in the banking sector, Infinity Trust enjoyed a boost in interest income off the backs of rising interest rates in Nigeria.
The Monetary Policy Rate in Nigeria is currently at 18.75%, and with the inflation rate hitting 28.92% in December 2023, there are no signs that the CBN will cool off on its hawkish stance on the MPR.
Key Details of the Report: FY 2023 (FY 2022, % change)
- Turnover: N2.903 billion (N2.096 billion, +38.5%)
- Net Interest and Similar Income: N1.876 billion (N1.421 billion, +32.1%)
- Net fees and commission income: N103 million (N71.4 million, +44.3%)
- Total operating income: N2.240 billion (N1.711 billion, +30.9%)
- Credit loss expense: N71.446 million (N18.093 million, +294.9%)
- Net operating income: N2.169 billion (N1.693 billion, +28.1%)
- Profit before tax: N1.209 billion (N847.11 million, +42.8%)
- Profit after tax: N1.002 billion (N633.48 million, +58.2%)
- Earnings per share: 23.02 kobo (13.93 kobo, +65.3%)
- Total Assets: N20.661 billion (N16.774 billion, +23.2%)
- Loan and advances to customers: N15.353 billion (N12.256 billion, +25.3%)
What you should know
- In 2023, Infinity Trust Mortgage Bank delivered a stellar performance in the stock market, achieving a share price gain of 372.44%. It secured the tenth position among the best-performing stocks on the NGX for the year. Infinity Trust commenced 2023 with a share price of N1.27, concluding the year at N6.00.
- The performance at the NGX has continued in 2024, as the bank’s stock has appreciated by 33% year-to-date, with a share price of N7.98 at the close of trading on January 16.
- In the interim unaudited financial statements for the fiscal year 2023, it is reported that the company derived N162.3 million in interest income from National Housing Fund Loans, N258.6 million from Estate Mortgage Income, N1.585 billion from other Mortgage Loans and advances to customers, and N533.15 million from treasury operations and placements.