Infinity Trust Mortgage Bank records N1bn profit
Infinity Trust Mortgage Bank records N1bn profit
Infinity Trust Mortgage Bank Plc nearly doubled its profit after tax to N1.002bn at the end of 2023 compared to N633.477m at the end of the same period in 2022.
This was revealed in the unaudited financial statements for the period ended December 2023, which was filed with the Nigerian Exchange Limited on Wednesday.
It was revealed the mortgage bank’s turnover also rose by 38.50 per cent to N2.903bn from N2.096bn on the back of appreciations in its interest and similar income as well as net fees and commission income which stood at N2.539bn and N103.002m, respectively.
Like other players in the country’s banking sector, Infinity Trust had benefitted from rising interest rates in Nigeria as reflected in its books.
The Monetary Policy Rate in Nigeria is currently at 18.75 per cent and the inflation rate stood at 28.92 per cent as of December 2023, therefore putting the Central Bank of Nigeria in a position where it may want to maintain its hawkish stance on the benchmark borrowing rate.
In the period under review, the bank’s personnel expenses increased to N253m from N212m in 2022, the amortisation of intangible assets rose slightly to N9.465m from N9.244m in 2022 while the depreciation of property and equipment moderated to N65.948m from N80.269m.
Compared to December 2022, the assets of the mortgage bank had risen to N20.661bn, marking a 23.18 per cent appreciation. Customer deposits rose by 98.90 per cent to N116.530m from N58.588m as of the end of December 2022.
For the financial year, Infinity Trust Mortgage Bank recorded about 368.75 per cent appreciation in its stock value as it closed December 2023 priced at N6 per share from N1.28 as of the end of 2022.
Since the start of the year, the stocks of the bank on the NGX have been recording lots of activities and stood at N7.98 per unit at the close of trading on Wednesday.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]