In­fin­ity Mort­gage Bank de­clares N125m div­i­dend

Daily Trust - - CAPITAL MARKET -

In­fin­ity Trust Mort­gage Bank Plc (ITMB) has an­nounced N125 mil­lion div­i­dends for its share­hold­ers in the re­sult re­leased for the year ended De­cem­ber 2013.

The mort­gage banker’s pro­posed to pay over N125 mil­lion to its share­hold­ers, trans­lat­ing to 3 kobo div­i­dend per share, an im­prove­ment of 50 per cent over 2012 div­i­dend paid.

It is wor­thy of note that the mort­gage bank has eight years of un­bro­ken div­i­dend pay­ments, a feat no other mort­gage bank has achieved in Nigeria.

A re­view of the re­sults showed that the bank’s fi­nan­cial high­lights re­vealed a 32 per cent in­crease in its to­tal as­sets from N5.6 bil­lion in 2012 to N7.4 bil­lion in 2013.

Its gross earn­ings grew from 524 mil­lion in 2012 to 584 mil­lion in 2013.

The share­hold­ers fund of the bank also ex­pe­ri­enced a re­mark­able growth from N4.5 bil­lion in the pre­ced­ing year to N5.4 bil­lion in 2013, show­ing a growth of 20 per cent.

This de­vel­op­ment has qual­i­fied the bank to be a na­tional mort­gage bank sub­ject to Cen­tral Bank of Nigeria ap­proval.

Com­ment­ing on the re­sult, the Man­ag­ing Di­rec­tor of In­fin­ity Trust Mort­gage Bank, Mr. Obal­eye Ola­banjo, said the re­mark­able re­sults of the bank was a re­sult of dis­ci­pline, hard work and a com­mit­ment to pro­vid­ing cred­i­ble mort­gage plans for all Nige­ri­ans.

He said: “ITMB con­tin­u­ously rein­vents its strate­gies to meet the needs of its cus­tomers. With ITMB, cus­tomers are top pri­or­ity as suf­fi­cient time and re­search goes into de­vel­op­ing prod­ucts that would ease their needs.”

Con­sid­er­ing the tough op­er­at­ing en­vi­ron­ment for mort­gage busi­ness in the coun­try, the bank’s achieve­ments are com­mend­able, he said.

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