Infinity Trust Mortgage Bank reports 7.7% increase in Profit After Tax

By Philemon Adedeji

Infinity Trust Mortgage Bank Plc has reported its unaudited financial statement for the half year (H1) ended June 30th, 2022, declaring 7.7 per cent increase in Profit After Tax to N323.14 million from N300.1million reported in half year ended June 30, 2021.

The mortgage bank in its filing on the Nigerian Exchange Limited (NGX) also grew Profit Before Tax by 6.6 per cent to N340.6million in H1 2022 from N319.55million reported in H1 2021.

Earnings per share recorded by the group grew by nearly nine per cent to N13.48 kobo achieved in H1 2022 from N12.38 kobo achieved in the H1 2021.

Obviously, the growth in profit was driven by 16 per cent increase in turnover to N909.21million in H1 2022 from N785.48million reported in H1 2021.

The Managing Director\CEO, Mr Sunday Clumorin had noted that the bank would be ahead of changing trends to deliver value to all stakeholders.

According to him, “We will continue to explore opportunities and develop products that would deepen mortgage penetration.”

The MD/CEO further said the bank would focus on entrenching the suitable structures and creating an agile and solution minded team capable of driving the vision and mission of the bank.

He said, “We have strategy of becoming the most dominant mortgage bank in Nigeria, we have begun the implementation of new strategies that would increase our customers acquisition while improving the number home owners in the country through our flexible mortgage products.”

Infinity Trust Mortgage Bank Plc has wholly or partly finance no fewer than 20 modern decent and affordable accommodation to over 10,000 Nigerian families.