Infinity Trust Mortgage Bank PLC reported a profit before tax of N656.92 million for the fiscal year ended December 31, 2021.
Engr Adeyinka Bibilari, the bank’s chairman of the Board of Directors, stated this during the bank’s 16th Annual General Meeting held yesterday in Abuja. According to the bank’s audited numbers for the year ended 2021, profit before tax grew to N656.92 million from N465.06 million in 2020.
According to him, the data revealed a 41% increase.
“We celebrate the bank’s robust results with a net profit after tax of N542 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,” he said.
READ MORE: 21 Nigerian Companies Make Times List
According to him, loans increased by 39% from N7.12 billion in 2020 to N9.91 billion in 2021.
The bank’s total assets increased by 22% from N13.34 billion in 2020 to N16.19 billion in 2021, according to the report. He also stated that the bank’s customer deposit base grew by 5% from N3.77 billion in 2020 to N3.96 billion in 2021.
At the hybrid AGM, shareholders also authorized a dividend of five kobo per ordinary share.
Sunday Olumorin, the bank’s managing director/chief executive officer, stated that the bank’s goal is to become Nigeria’s most dominating mortgage bank.
“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,” he said.
The board and management were praised by the shareholders for the bank’s financial success.