Infinity Mortgage Bank Posts 51% Growth In Gross Earnings For 2024

Infinity Trust Mortgage Bank Plc has declared 51 per cent growth in gross earnings for the year 2024 at the end of its 19th annual general (AGM)meeting.

The AGM held both physically and  virtually on Tuesday in Abuja, brought together shareholders and stakeholders of the bank to review the bank’s performance and strategic direction.

At the meeting, key resolutions were passed, including the declaration of dividends, the election and re-election of directors, and the appointment of audit committee members as well as the welcoming of Ngozi Chukwu as the new acting MD/CEO of the bank.

Speaking at the meeting, chairman of the bank, Okwa Ene Iyana highlighted the bank’s resilience amid national challenges such as insecurity, currency devaluation, inflation, and political instability.

She reported a 51 per cent growth in gross earnings to N4.3 billion, a 43 per cent increase in profit before tax (PBT) to N1.722 billion, and a 17 per cent rise in shareholders’ funds, demonstrating strong financial performance.

Looking ahead, the chairman emphasised strategic regulatory adjustments, digital transformation, and continued growth in mortgage finance, reinforcing the Bank’s commitment to delivering long-term value to shareholders and stakeholders.

Speaking at the AGM, the new acting managing director/CEO of ITMB  Chukwu emphasized the bank’s commitment to transparency and innovation, stating, “Hosting our AGM virtually has allowed us to engage with shareholders efficiently while ensuring inclusivity and accessibility.”

The board approved a dividend of 21k per share, reflecting a 44 per cent increase from the previous year.

Meanwhile, ITMB celebrated its sustainability award from the Development Bank of Nigeria (DBN). The award recognizes ITMB’s unwavering dedication to environmental, social, and governance (ESG) principles, reinforcing its position as a leader in responsible mortgage banking.

The Development Bank of Nigeria, known for its role in fostering financial sustainability and economic growth, acknowledged ITMB’s efforts in promoting sustainable mortgage financing and inclusive banking practices.