Infinity Mortgage Bank declares N125m dividend
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.