The Infinity Trust Mortgage Bank PLC has declared a profit before tax of N656.92 million in the financial year ended 2021.

The bank’s chairman of the Board of Directors, Engr Adeyinka Bibilari, who made this known at the bank’s 16th Annual General Meeting held yesterday in Abuja said the bank’s audited figures for the year ended 2021 showed the profit before tax increased to N656.92 million from N465.06 million in 2020.

He said the report showed an increment of 41 per cent.

“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.

He said loans grew by 39 per cent from N7.12 billion in 2020 to N9.91 billion in 2021.

The report showed that the bank’s total assets grew by 22 per cent from N13.34 billion in 2020 to N16.19 billion in 2021. Also, he said the bank’s customer deposit base increased by five per cent from N3.77 billion in 2020 to N3.96 billion in 2021.

The shareholders at the hybrid AGM also approved a dividend of five kobo per ordinary share.

The bank’s managing director/chief executive officer, Sunday Olumorin, said the bank has 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,” he said.

The shareholders appreciated the board and management for the bank’s financial performance.

Source : Daily Trust