Nigeria Mortgage Refinance Company Plc (NMRC) formally presented to shareholders its Annual Report and Accounts for 2021 at its Annual General Meeting held at the Abora Hall, Eko Hotel and Suites, Victoria Island, Lagos.

The Chairman in his remarks 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.

The Chairman also noted that 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.

The Chairman in his address and announcement of the company’s 2021 financial results, stated that NMRC’s gross earnings increased by 8% from ₦9.17 billion in 2020 to ₦9.90 billion in 2021 while refinanced loans increased by 20% from ₦17.47 billion as at December 31, 2020 to ₦21.10 billion as at December 31, 2021.

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. Mr Ogundimu further noted that Profit before tax stood at ₦3.39 billion, an increase of 11.4% over the ₦3.04 billion recorded in 2020.

In terms of operational efficiency, the Chief Executive Officer 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.

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.