By Philemon Adedeji
Infinity Trust Mortgage Bank plc which is known as one of the leading and most capitalised primary mortgage banks in Nigeria, in its unaudited financial statement released for the half year ended l June 30th, 2022, reporting stronger fundamentals growth in most of the parameters.
The turnover released by the bank,seen on upward performance because of the increase in profit derived during the period.
Profit after tax achieved in the H1 2022 was higher than the profit achieved in the H1 2021.
It is worthy of note that the bank has maintained an unbroken record in terms of consistency in profitability and dividend payout to shareholders for over 14 years the bank has been in existence.
Infinity Trust Mortgage Bank H1 2022 unaudited financial result revealed an impressive performance in its turnover from the H1 2021 financial result.
The bank reported a 15.8 per cent increase in its turnover, this signifies that rate of sale in the H1 2022 grew largely better than it achieved in the H1 2021. Such turnover rose significantly to N909.21 million in the H12022 up from N785.48 million achieved in the H1 2021. It is worthy of note that 15.8 per cent growth rate derived can be recognized as an impressive performance when comparing the bank average for the same period under review.
The total assets deployed for the half year 2022 stood at N16.74 billion, 11.6 per cent up from N15 billion achieved in the half year of 2021.
The total liabilities deployed by the bank for the H1 2022 rose to N10.218 billion, 16.5 per cent more than N8.774 billion liabilities derived in the H1 2021.
Infinity Trust Mortgage Bank during the period under review declared a profit before tax (PBT) of N340.61 million H1 2022 as against N319.55 million H1 2021, reflecting an improvement of 6.6 per cent.
The bank also reported Profit After Tax (PAT) which increased higher to N323.14 million H1 2022, representing a growth of 7.7 per cent from N300.1 million recorded 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.
However, total operating expenses recorded for the H1 2022 stood at the sum of N388.5 million from N368.3 million in H1 2021, an improvement of 5.5 per cent, but total operating income had a challenge which dipped to N85.816 million in H1 2022 from N124.08 million in H1 2021, representing a decline of 30.8 per cent.
The bank had reported good result and dividend payout to shareholders in the 2021 financial result.
PROFITABILITY RATIO
In view of the analysis, Infinity Trust Mortgage Bank recorded profitability for the 2022 half year result. However when comparing to its prior year’s result, almost all the parameters show a turn up, firstly to achieve profit margin of the bank depreciated to 37.5 per cent in H1 2022 from 40.7 per cent in H1 2021.
This simply means for every N100 earned by the bank in the course of year N37.5 of it can be translated to profit lower than N40.7 of the half year 2021.
The Managing Director\CEO, Mr. Sunday Olumorin 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