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Infinity Mortgage Bank Declares Dividend for Shareholders at 13th AGM

Infinity Trust Mortgage Bank (ITMB) has held its Annual General Meeting (AGM) on Thursday at the Penthouse of Infinity House, Abuja.

The AGM received and considered the audited financial statement for the year ended 31 December 2018, together with the report of the directors, auditors, and the audit committee.

The Bank used the AGM to declare its dividend, reappoint directors, auditors, elect members of the audit committee and fix the director’s fees for the year ending 31 December 2019.

According to the chairman, Dr Adeyinka Bibilari, the Bank remained profitable in year 2018 achieving a profit before tax (PBT) of N366.7 million indicating that the Bank has consistently recorded profit in the past thirteen years.

Gross earnings according to him increased by 14% from N833.6 million in 2017 to N1.005 billion making the first time the bank will cross the billion naira mark. Total operating expenses also increased by 10% from N523 million in 2017 to N577 million in 2018. The harsh operating environment notwithstanding, strategies in terms of the aggressive mobilization of customer deposits paid off with deposits growing from N1.176 billion in 2017 to N2.467 billion in 2018, an increase of 110%.

The core mandate of the bank witnessed a boost as loans grew from N3.104 billion in 2017 to N3.802 billion in 2018, an increase of 22%. Total assets also grew from N8.134 billion in 2017 to N10.351 billion in 2018, a growth of 27% while shareholders’ funds grew from by 3.75% from N5.753 billion to N5.969 billion in 2018. Operating income surged to N892.9 million presenting an increase of 11.6% over the previous year.

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The Bank’s Managing Director/Chief Executive Officer, Dr Olabanjo Obaleye commented that the bank has proposed to pay a cash dividend of 3k per share to shareholders whose names appear in the books of the Registrars by 24 April 2019.

Obaleye noted that although 2018 was a challenging year for the economy at large and for the industry in particular because of the tensed political environment, the bank remained resilient in its resolve to continue to maintain its position as an industry leader in terms of profitability, liquidity, stability, growth and returns to stakeholders. This according to him has led to improvements in key business indicators such as loans and advances, deposits, treasury assets on lending and refinancing facilities.

With this dividend declared the Mortgage Bank has declared dividend for the fifth year running as a listed company and for the 13% consecutive time since 2006. The Bank is the only mortgage bank in Nigeria to achieve this feat.

Scoring another first amongst its peers in the industry, the bank also published its first sustainability report in compliance with the recently issued NSE (Nigerian Stock Exchange) guidelines, the Global Reporting Initiative (GRI) standards and the UN Global Compact standards. The report captured among other things the value added statement, the stakeholders engagement report for 2018 capturing ITMB’s strategic responses and the gender diversity/employee division report.

The Bank maintained its entity rating of A3 in the short term and Bbb+ (NG) in the long term: with a positive outlook and a service rating of SR3. The routine risk based regulatory examination of the Bank also returned moderate risk for the business operations of the Bank.

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ITMB has maintained a robust asset base with total asset growing by 27 percent as a result of the growth in investments, risk assets, deposits, on lending funds and shareholders’ funds.

According to Obaleye, the Bank runs an excellent enterprise risk management strategy. Liquidity and Capital Adequacy ratios were well above the regulatory  thresholds throughout the year. All other regulatory imposed ratios and internally stressed ratios were also met.

By Ojonugwa Felix Ugboja

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