Shareholders of Infinity Trust Mortgage Bank Plc has approved a dividend of 4 kobo per ordinary share at the 15th Annual General Meeting (AGM) of the bank.
In a statement by the bank’s Head, Corporate Communication and Brand Support, Akinwale Ishola, said the AGM was held at the Bank’s headquarters in Abuja.
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The Chairman of the Board of Directors, Adeyinka Bibilari, while addressing shareholders said, “The positive performance is attributed to the bank’s strategic focus of growing the balance sheet and diversifying the bank’s income base.
“This was underpinned by a robust risk management framework, strengthening of the internal control along with good technological framework and innovation in internal operations and processes.”
The bank’s audited figures show the bank’s profit before tax increased to N465.06 million from N444.38m in 2019. The total operating expenses dropped by 15 percent from N740m in 2019 to N625m in 2020.
The bank’s customer deposits increased by 94.5% from N1.94 billion in 2019 to N3.77bn in 2020 while loans grew by 33% from N5.34bn in 2019 to N7.12bn in 2020. Its total assets grew by 25% from N10.64bn in 2019 to N13.34bn in 2020, while shareholders’ funds grew by 4% from N6.20bn in 2019 to N6.44bn in 2020.
The Managing Director/CEO, Dr. Olabanjo Obaleye said the bank successfully navigated all its challenges of operating in a pandemic environment.
The shareholders expressed their satisfaction for such a dividend for the year which is one of the highest among similar-sized mortgage banks in Nigeria.
