Infinity Trust Bank records N222.7 million profit

THE Chairman of Infinity Trust Mortgage Trust Bank (ITMB) Plc, Dr. Adeyinka Bibilari, has declared a profit after tax of N222.72million for the financial year ended December 2017.

This however, is against the N242.86 million it announced in its 2016 financial year, representing an 8.3 percent decrease.

The financial statement also shows a 16 percent decrease in profit before tax (PBT) from N312.70 in 2016 to N260.92million in 2017.

Addressing stakeholders at the company’s 15th annual general meeting yesterday in Abuja, Bibilari in a statement said the tough operating environment, orchestrated by the nation being in recession for most part of the year, impacted greatly on the income of most households which affected purchasing power, savings and investment culminated into a reduction in the PBT and PAT as against the previous year.

The bank also announced that it has approved the cash dividend of 2 kobo per ordinary share against 3 kobo in previous year of 2016 and 7k per preference share to shareholders whose names appear in the books of the registrars by 9th May 2018, translating to an aggregate of N125.4million.

The company’s gross earnings however, grew by 2.5% from N861million in 2016 to N883million in 2017.

The firm’s total assets stood at N.8.13billion as at 2017 in contrast to N8.08 billion in the corresponding period of 2016 as a result of continuous growth in the bank’s investments, risk assets, deposits, on lending funds and shareholders’ funds.

Its shareholders’ funds also rose from N5.69 billion in 2016 to N5.75 billion in 2017, representing an increase of 0.9 percent.

On his part, the bank Managing Director/chief executive Officer, Olabanjo Obaleye, said the bank in its 12years of operation, has been able to make 4000 people home owners despite bottlenecks and challenges that arose from some of government policies.

Obalaye said the bank would continue to build on this feat not minding the present economic situation and hostile business environment it is operating under.

The Managing Director said the firm is working tirelessly to ensure that its shareholders are treated well and called on the government to map out policies that would ensure easier ownership of land by private individual and investors.