We have extracted the financial summary from the full year report of Infinity Trust Mortgage Bank Plc listed on the Nigerian Stock Exchange under the share code NGINFI.ng. Infinity Trust is a financial institution offering mortgage lending and lines of credit in Nigeria
The following is an excerpt from the full year report:
In line with existing regulations and extant guidelines, our Bank has continued to prepare its financial statements under the provisions of the applicable International Financial Reporting Standards (IFRS). This year saw the Bank preparing its financial statements and transiting from IAS 39 to IFRS 9 which specifies new treatment and disclosure requirements of certain financial instruments. This was done in compliance with the provisions of the standards, the Financial Reporting Council of Nigeria as well as the Central Bank of Nigeria.
Weathering the challenging and hostile business environment in 2018, our Bank achieved a profit before taxation (PBT) of N366.7 million. This means that the Bank has remained consistently profitable in thirteen (13) straight years.
Gross earnings increased by 14% from N833.6million in 2017 to N1.005Billion making the first time the bank will cross the billion naira mark. Total operating expenses increased by 10% from N523million in 2017 to N577million in 2018. This culminated in a PBT of N366.7 million, an increase of 40% over last year’s N260.9million. Our strategies in terms of the aggressive mobilization of customer deposits paid off even with the harsh operating environment with deposits growing from N1.176billion in 2017 to N2.467billion in 2018, an increase of 110%. The core mandate of the Bank witnessed a boost with loans growing from N3.104 billion in 2017 to N3.802billion in 2018, an increase of 22%. Houses recognized as held for sale also witnessed a decrease of 6% from N68.2m to N63.8m over the period under review. Our secondary market operations characterized by our on lending facilities grew from N1.036billion to N1.650billion, an increase of 59%. Total assets also grew from N8.134 billion in 2017 to N10.351billion in 2018, a growth of 27% while shareholders’ funds grew from by 3.75% from N5.753billion to N5.969billion
We shall continue to seek new strategies to reposition the bank for greater relevance, impact and service delivery in the future years. We remain resolute in our commitment to be an industry leader in the banking sub sector through innovation, focus and excellent service delivery.
For the financial year 2019, we shall strive to continuously drive our growth and success story, and improve our efficiency & profitability as we pursue and execute our current and expansionary goals. We shall continue to take moderate risks in viable business identification and closure. Our strategies on product deployment, deposit mobilization, mortgage risk assets origination and refinancing, expenditure control and revenue assurance shall continuously be streamlined for greater impact. We shall also continue to leverage on corporate rebranding, existing regulatory support and industry drivers to achieve our corporate objectives.
We shall continue to give our support to public interventions and participate in private initiatives aimed at making mortgage more accessible and inclusive. By consolidating our partnerships with the Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinance Company Limited and the Mortgage Warehouse Fund Ltd, we hope to improve liquidity for mortgage financing.