Infinity Trust Mortgage Bank Plc, one of the leading and most capitalized Primary Mortgage institutions in Nigeria has consolidated on its very impressive half year 2019 financial result to turn out a yet another very Interest third quarter 2019 result.
Infinity Trust Mortgage Bank Plc is indisputably, one of the leading and most capitalized Primary Mortgage Banks in Nigeria, the bank has significantly increased its shareholders’ funds from less than N50m in 2003, to over N5 billion and maintained an unbroken record in terms of consistency in dividend payment to shareholders for nine years running.
The bank’s quarter 3 2019 financial result recently released revealed a 33% growth in Profit After Tax (PAT) from N221.26 million in third quarter of 2018. The growth in the banks net profit was largely driven by the 31% increase in Loans and Advances to N4.9 billion in Q3 2019.
This invariably cumulated into the 85% growth in Fee and Commission Income and the 36% growth in Interest Income with a 32% growth in Operating Income over the quarter 3 2018 figures.
Here are the highlights of the quarter 3 result released by Infinity Trust Bank to the Nigerian Stock Exchange (NSE) recently.
- Turnover up by 39% from N717.4 million to N993.9 million in Q3 2019
- Net Interest Income up by 36% in Q3 2019 from N458.7 million to N623.4 million
- Net Fee and Commission Income up by 85% from N47.7 million to N88.4 million
- Net Operating Income up by 32% from N643.4 million to N849.4 million
- Profit Before Tax up by 32% from N233.7 million to N308.9 million in Q3 2019
- PAT up by 33% from N221.3 million to N293.5 million
- The bank’s shareholders also had a fair share of the impressive performance as the earnings per share also increased by 38% from 6.1k in Q3 2018 to 8.4k in Q3 2019.
Infinity Trust Mortgage Bank’s balance sheet had a 3% growth in Asset from N10.4 billion in Q3 2018 to N10.7 billion while customer Loans and Advances also grew by 31% from N3.8 billion.
Depositors funds however dropped by 8% to N2.3 billion from N2.5 billion in Q3 2018 while customer equity dropped as well by 3% from N5.97 billion to N5.80 billion in Q3 2019.