Nigeria Mortgage Refinance Company Plc (NMRC) has published its Annual Reports and Accounts for 2018 at its Annual General Meeting held at the Eko Hotel, Victoria Island, Lagos on Wednesday.
The Chairman, Mr. Charles Adeyemi Candide-Johnson (SAN), in his remarks noted that despite the challenging operating environment, NMRC had a good year in 2018. The Company’s Balance Sheet grew by 63% with refinanced loans portfolio growing by over 100% thereby positioning the company for sustained growth and profitability. Mr Candide Johnson further noted that the Company’s capital position remains strong and far in excess of the regulatory requirement in in view of the impending recapitalisation exercise within the financial services sector.
NMRC’s Managing Director, Mr Kehinde Ogundimu in his comments stated that 2018 was indicative of a positive performance for the company across all financial metrics. Mr Ogundimu further noted that the company improved in terms of its strategic positioning and witnessed growth in total assets from N42.54 billion in 2017 to N69.29 billion in 2018. While the company’s Mortgage Refinance Loan portfolio increased by 106% from N 8.23 billion in 2017 to N 17.02 billion in 2018. NMRC’s Gross earnings increased by 15% from N 6.160 billion in 2017 to N7.086 billion in 2018.Earnings per share decreased to N0.93 in 2018 from N1.04 in 2017.
In terms of operational efficiency, the company’s personnel expenses decreased by 8% to N0.82 billion in 2018. Other operating expenses decreased by 6% to N0.98 billion in 2018.
Profit before income tax decreased marginally by 0.5% from N1.945 billion in 2017 to N 1.935 billion in 2018 primarily due to the adoption of International Financial Reporting Standards No. 9 (IFRS 9).
The shareholders of the company passed all resolutions presented at the meeting.
NMRC is a CBN-licensed mortgage liquidity facility with the core mandate of developing the primary and secondary mortgage markets. NMRC raises long-term funds from the capital market for mortgage refinancing and by extension promotes affordable housing development and home ownership in Nigeria. NMRC was incorporated on 24th June 2013 and obtained its final license to operate as a non-deposit taking financial institution from the CBN on 18th February 2015.