Infinity Trust Mortgage Bank Declares 3k Dividend for Shareholders

Dele Ogbodo in Abuja

The Chairman of Infinity Trust Mortgage Trust Bank (ITMB) Plc, Mr. Adeyinka Bibilari, has announced a dividend of 3 kobo per ordinary share for the ITMB shareholders, translating to an aggregate of N125 million.

According to him, despite the very harsh economic environment, the bank reported a profit after tax of N232.147 million for the year ended 2015.

While commending the management of the bank for its hard work, he said the bank has consistently declared dividend for the third year running as a listed company since 2006.

Addressing shareholders at the company’s 10th annual general meeting (AGM), in Abuja,Bibilari said ITMBis the only bank in the country to achieve this feat.

He however, admitted that its operational expenses went up because of the opening of its Lagos office, which has since commenced business in the sector.

According to him, its 2015 financial report showed that loan and advances rose from N1.24 billion in 2014, to N1.67 billion in 2015, representing an increase of 34.5 percent.

He said: “Deposits rose from N1.064 billion in 2014 to N1.415 billion in 2015, representing 33 percent increase. The bank also reported a marginal increase in to total asset and shareholders’ funds by 1.17 percent and 1.16 percent respectively in 2015 from the preceding year result.”

The chairman said the bank maintained a rating status of short term A3 and long term BB+ positive outlook by Global Credit Rating (GCR), for the third successive time of 2015.

He assured shareholders that despite the harsh operating environment, the bank will continue to grow and impact on its shareholders and clients with the provision of housing at affordable cost.

In a remark, the Managing Director of the bank, Mr. Banjo Obaleye, stressed the need for government’s intervention in the mortgage sector, adding that private sector investment is not enough to propel the industry to its desired level, adding that, that is the way it is done in developed countries.

He said the bank has significantly increased its shareholders’ funds from less that N50 million in 2003, to over N5 billion, adding that the bank has financed more than 14 modern estates in Abuja with accommodation for more than 3000 families