The Infinity Trust Mortgage Bank Plc (ITMB) has announced a total assets of N16.19 billion for the year ended December 31, 2021 representing an increase of 22 percent over N13.34 billion reported in 2020.
This was disclosed at the 16th Annual General Meeting (AGM) of the bank held at its headquarters in Abuja with shareholders joining through virtual platforms.
The bank’s audited figures show that the profit before tax increased to N656.92 million from N465.06 million in 2020, which represents a growth of 41 percent.
Loans grew by 39 percent from N7.12 billion to N9.91 billion as the bank’s customer deposit base also increased by 5 percent from N3.77 billion in 2020 to N3.96 billion in 2021.
On-lending and refinancing activities witnessed a growth of 22 percent from N2.68 billion to N4.76 billion, while shareholders’ funds grew by 5 percent from N6.44 billion in 2020 to N6.77 billion in 2021.
Shareholders of the bank at the hybrid AGM also approved a dividend of 5 kobo per ordinary share.
Addressing shareholders and stakeholders at the event, the Chairman of the Board of Directors, Engr. Dr. Adeyinka Bibilari said: “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 assured the shareholders that the bank would implement holistic growth initiatives to enhance market standing and optimize its business.
Also speaking, the bank’s Managing Director/CEO, Mr. Sunday Olumorin, assured that the bank would be ahead of changing trends to deliver values to all stakeholders.
He added that the bank would focus on entrenching the suitable structures and creating an agile and solution-driven team who are capable of driving the vision of the bank.
“We will continue to explore opportunities and develop products that would deepen mortgage penetration. We have a strategy of becoming the 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”, he said.
Reacting, one of the shareholders and National chairman of the New Dimension Shareholders Association of Nigeria, Mr. Patrick Ajudua lauded the board and management for its sterling performance in the last sixteen year, most especially 2021 despite the challenging business environment.
He said: “They have been doing well in the sector. Consistent dividend payment for over 14 years, I think it is something commendable and worth celebrating and we have celebrated them.”
Ajudua urged the bank to establish branches in other parts of the country especially in the rural areas in order to tackle the issue of urban-rural migration, which according to him makes the urban settlement to be congested.
Another Shareholder, Mr. Augustine Ezechukwu, said with the level of development recorded in the previous years, ITMB would become a full-fledged bank in no distant time if the current momentum is sustained.