The Board of Directors of Infinity Trust Mortgage Bank Plc has announced the appointment of Mrs Ngozi Chukwu as the Acting Managing Director/Chief Executive Officer to steer the affairs of the bank.
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) seen by Nairametrics.
The appointment which was effective from 11th July 2024 follows the exit of the Bank’s Managing Director/Chief Executive Officer, Mr. Sunday Olumorin from the services of the Bank.
The statement reads:
“Infinity Trust Mortgage Bank Plc (the “Bank”) hereby notify the Nigeria Exchange Limited (“NGX”) and members of the public, particularly the Shareholders of Infinity Trust Mortgage Bank Plc of the exit of Bank’s Managing Director/Chief Executive Officer, Mr. Sunday Olumorin from the services of the Bank.
The Board has appointed Mrs. Ngozi Chukwu as the Acting Managing Director/Chief Executive Officer to steer the affairs of the Bank effective 11th July 2024”.
Profile of Ngozi Chukwu
Mrs. Ngozi Chukwu is a seasoned Business Development Manager with 15 years of cognate professional experience.
She is currently driving the overall business strategy of the Bank and has a wealth of experience in banking operations, treasury, product development, business strategy, marketing, sales, and organizational transformation.
She has attended several specialized trainings and workshops in diverse fields, including the International Housing Finance Program in Canada; and training programmes on behavioural science, emotional intelligence, Credit, and Risk Management in the Mortgage Banking Sub-sector, among others.
Ngozi is a member of the Nigeria Institute of Management (NIM) and holds an MBA from Ahmadu Bello University, Zaria, an MPhil from Nile University Abuja, and a B.Sc. in Biochemistry from the University of Uyo, Akwa Ibom State.
Financial performance
Infinity Trust Mortgage Bank’s unaudited financial statement for 2023 showed 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.
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.
The company closed its last trading day on Thursday, July 11, 2024, at N7.00 per share on the Nigerian Stock Exchange (NGX). Infinity Trust began the year with a share price of N6.00 and has since gained 16.7% on the price valuation.