ITMB records gross earnings of N584 million



Infinity Trust Mortgage Bank Plc (ITMB) has recorded growth for its financial year ended December 31st, 2013 as its gross earnings grew to N584 million.

The figure represents an increase of N60.0 million or 11.5 per cent compared to  N524 million achieved in comparative period of 2012.
The  company also declare  a profit before tax of N226 million  while profit after tax stood at N189 million.    Shareholders’ funds  rose from N4.5 billion in the preceding year to  N5.4 billion in 2013, showing a growth of 20 per cent while  total assets increased by 32 per cent  to N7.4 billion, from N5.6 billion achieved in the corresponding period.

The board of the Mortgage firm has recommended a dividend of N125 million, which translated to three kobo per share.
Commenting on the result, the Managing Director of IMTB, Banjo Obaleye, said the performance resulted from  discipline, hard work and a commitment to providing credible mortgage plans for all Nigerians.

“These results would not have been achieved without a team of dedicated staff and a supportive board. A result like ours means one thing and that is  we are serious about the mortgage business and we are here to stay despite the industry’s rapidly changing regulatory and operational landscape,” he said.

He said considering the  tough operating environment for mortgage business in the country, the achievements of the bank is commendable.
The  shares of ITMB were listed on the Nigerian Stock Exchange (NSE) last December and it gave opportunity to more investors to buy into the company.

During the listing of the bank, the MD said: “Our mission is to be a reference point in all spheres of mortgage business through the usage of time – tested professionals, the best in technology and adequate capital in creating wealth for all stakeholders – customer, staff members, shareholders and the community at large.”

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