Infinity Trust Mortgage Bank reports 28.95% growth in PBT to N847.133m in FY 2022

By Philemon Adedeji

Infinity Trust Mortgage Bank Plc has released its unaudited financial   statement for the period ended December 31, 2022, announcing a pre-tax profit of N847.133 million in full year 2022, reflecting an increase of 28.95 per cent to N656.93 million achieved in full year 2021.

The growth in pre-tax profits was driven by increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.

From the data submitted to the Nigerian Exchange Limited (NGX), Profit After Tax (PAT) recorded increased to a decent 16.77 per cent from N542.488 million in the previous year to N633.478 million in 12 months of 2022.

From the profit and loss figures, the group gross earnings recorded increased stronger to a remarkable 19.23 per cent to N1.758 billion in full year 2022 from N2.096 billion reported in the corresponding period of 2021.

Total operating income gained a 297 per cent to N1.500 billion in twelve (12) months of 2022 from N376.08 million  in full year 2021, as Total operating expenses rose significantly from N258.62 million in previous year to N821.86 million. In full year 2022, representing an increase of 217 per cent.

The group balance sheet declined by 3.7 per cent to N6.523 billion in full year 2022 from N6.773 billion in full year 2021.

Earnings Per Share (EPS), recorded for the period increased by 26.08 per cent to 13.93 Kobo in FY 2022 from 12.00 Kobo in FY 2021.