Infinity Trust Mortgage Bank (ITMB) has declared a Profit before Tax (PBT) of ₦260,922,465 to maintain its record of profit for the past 12 years.
This was contained in a Press Release issued at the end of the Bank’s 2017 Annual General Meeting (AGM) in Abuja.
The Bank’s gross earnings grew by 2.5% from ₦861 million in 2016 to ₦883 million in 2017. Operating expense however increased by 6.6% from ₦491 million in 2016 to ₦523 million in 2017 as a result of increasing cost of doing business in the country.
The release added that the tough operating environment orchestrated by the Country being in recession in 2017 impacted greatly on the income of most households which affected purchasing power, savings and investment which culminated in a reduction in the PBT and PAT as against the previous year.
The release also noted that the company is also proposing to pay a cash dividend of 2K per ordinary share and 7K for preference share to shareholders translating to a total of ₦125.4 million.
The dividend declared means that Infinity Trust Mortgage Bank has declared dividend for the fourth year running as a listed company and for the 12th consecutive year since 2006 making it the only Mortgage Bank in Nigeria to achieve the feat.
ITMB has significantly increased its shareholders’ funds from less than ₦50m in 2003 to over ₦5 billion and maintained an unbroken record in terms of consistency in dividend payment to shareholders for eleven years running.
Adeleke Samuel, Housing TV