Nigeria Mortgage Refinance Company’s Profit before tax for last year expanded by 11.4%, accounting ₦3.39 billion over the ₦3.04 billion recorded in 2020, its Annual Report and Accounts for 2021 issued Thursday afternoon showed.
According to a statement released at the end of its Annual General Meeting (AGM) on Thursday, NMRC revealed that earnings per share increased from ₦1.40k in 2020 to ₦1.56k in 2021 and shareholders approved a dividend of ₦0.46k for every ordinary share.
Reacting to the development, the NMRC Chairman, Yemi Candide-Johnson, stated that NMRC took major steps forward in deepening the mortgage finance sector and expanding its refinancing business with the provision of liquidity to four new institutions in line with the recent regulatory approval to refinance non-member banks.
“Despite expectations for muted global growth in 2022, NMRC was well positioned to grow and strengthen its existing business relationships, establish, and nurture new business relationships, diversify product offerings, and further improve its operational efficiency.
“To that effect, NMRC’s refinanced loans increased by 20% from ₦17.47 billion as at December 31, 2020 to ₦21.10 billion as at December 31, 2021”, he said.
Meanwhile, the NMRC’s Managing Director, Mr Kehinde Ogundimu in his comments, stated that “2021 was an excellent year for the company with commendable improvements in NMRC’s major financial metrics.”
In terms of operational efficiency, Ogundimu also noted that the company’s cost optimization measures continue to yield results as evidenced by the improvement in Cost-to-income (efficiency) from 38.2% in 2020 to 34.5% in 2021.