Infinity Trust Posts 19% Rise in Profit
Infinity Trust Mortgage Bank Plc posted a 19 per cent increase in its profit before tax (PBT) in 2016 as the company unveiled its annual financial accounts yesterday. It also recorded a 45 per cent growth in its loan portfolio from N1.672 billion in 2015, to N2.417 billion in 2016.
Speaking at the bank’s 11th annual general meeting (AGM) in Abuja, the Chairman, Dr. Adeyinka Bibilari, noted that the company was undaunted in its resolve to multiply the wealth of all stakeholders, and remained profitable in 2016 despite what he described as “the fierce political, economic and operating environments.”
Bibilari disclosed that the bank recorded a profit before tax of N312,706,202--- an increase of 19 per cent over the preceding year’s (2015) figure of N262,430,085. This, according to him, meant that the bank had consistently been profitable for the past 11 years.
“This is a notable and significant achievement in an industry where major players are struggling for survival,” he said.
Based on this, a dividend of 3.0 kobo was approved for each of the shareholders whose names are in the register of members as at close of business on May 2, 2017. Preference shareholders also received a dividend of 7.0 kobo each.
Giving further details on the performance of the bank, Bibilari stated that gross earnings increased by 13.8 per cent from N755 million in 2015 to N861 million in 2016 while total operating expenses appreciated by 13.2 per cent from N434 million in 2015 to N491 million in 2016.
“Our strategies, in terms of the aggressive mobilisation of customer deposits paid off even with the harsh environment, with deposit growing from N1.41 billion in 2015 to N1.538 billion in 2016, an increase of 10%.“Our core business of increasing the number of homeowners led to our loan portfolio growing from N1.672 billion in 2015 to N2.417 billion in 2016-- an increase of 45%. Total assets also grew from N7.6 billion in 2015 to N8.1billon in 2016, a growth of 7% while shareholders funds grew from N5.6 billion to N5.7 billion in 2016,” the bank’s chairman said.