Infinity Trust Mortgage Bank Grows Profit After Tax By 99.4 Percent in H1 2021

Infinity Trust Mortgage Bank Plc, one of Nigeria’s leading primary mortgage banks, reported a 99.4 percent increase in Profit After Tax for the first half of 2021.

In the unaudited financial statements released on Wednesday, the leading mortgage firm grew turnover by 35 percent from N581,762,123 recorded in the first half of 2020 to N785,476,290 in the first half of 2021.

Interest and similar income rose by 28.5 percent from N468,177,013 in the same period of 2020 to N601,440,524 in the period under review.

Net Fees and commission income also improved by 74 percent from N34,438,770 achieved in the corresponding period to N59,968,482 in the first half of 2021.

Other operating income expanded by 56.75 percent to N124,067,284, up from N79,146,339.

Similarly, total operating income jumped 44.23 percent from N466,723,141 in the first half of 2020 to N687,880,883 in the same period of 2021.

Total operating expenses for the period under review grew by 20 percent to N368,333,614 from N306,584,573 posted in the corresponding period of 2020.

Profit before tax stood at N319,547,269, representing a 99.5 percent increase when compared to N160,138,568 recorded in the same period of 2020.

The mortgage company paid N19,446,205 in income tax to moderate profit after tax to N300,101,063, an increase of 99 percent from N150,530,254 filed in the corresponding period of 2020.

Earnings per share – Basic rose by 115.45 percent to 13.38 Kobo from 6.21 Kobo.

Infinity Trust Mortgage Bank Plc total assets stood at N15,003,134,080 during the period under review while total liabilities and equity were N8,774,298,812 and N6,228,835,268, respectively.