Infinity Trust Mortgage Bank Customer Deposit Hits N3.96bn

Adedayo Akinwale in Abuja

Infinity Trust Mortgage Bank Plc has announced that its customer deposit base increased by 5 per cent from N3.77 billion in 2020 to N3.96 billion in 2021.

The bank also declared the sum of N542 profit after tax, saying it showed the strength and resilience of its strategy.

The Chairman of the Board of Directors, Dr. Adeyinka Bibilari disclosed this Thursday during the company’s16th Annual General Meeting (AGM) held in Abuja with shareholders joining through virtual platforms.

Bibilari, while addressing shareholders and stakeholders at the AGM, the Bank’s audited figures showed the profit before tax increased to N656.92 million from N465.06 million in 2020, representing a growth of 41%. 

He revealed that loans grew by 39% from N7.12 billion in 2020 to N9.91 billion in 2021. 

Bibilari stated: “We celebrate the Bank’s robust results, with a net profit after tax of N 542 million, which shows the strength and resilience of our ambitious strategy. Our solid balance sheet, disciplined governance and risk management approach will position us for significant growth in 2022.

“On-lending and refinancing activities also witnessed a growth of 22% from N2.68 billion to N4.76 billion. Total assets grew by 22% from N13.34 billion in 2020 to N16.19 billion in 2021, while shareholders’ funds grew by 5% from N6.44 billion in 2020 to N6.77 billion in 2021. The bank’s customer deposit base increased by 5% from N3.77 billion in 2020 to N3.96 billion in 2021.”

Bibilari assured the shareholders that the Bank would implement holistic growth initiatives to improve market standing and optimize the business. 

Also, the Managing Director/CEO of the Bank, Mr. Sunday Olumorin said  the Bank would be ahead of changing trends to deliver value to all stakeholders.

He stressed that the Bank would focus on entrenching the suitable structures and creating an agile and solution-minded team 

Olumorin said:  “We will continue to explore opportunities and develop products that would deepen mortgage penetration capable of driving the vision and mission of the Bank. We have a strategy of becoming the most dominant Mortgage Bank in Nigeria. We have begun the implementation of new strategies that would increase our customer acquisition while improving the number of homeowners in the country through our flexible mortgage products.”