AfricaBusiness & Finance

ITMB rises in gross earnings of 37.6%, from N1.005bn to N1.383bn

By Oluwaseun Sonde

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The Infinity Trust Mortgage Bank Plc (ITMB) accounts has showed a 37.6% rise in gross earnings from N1.005 billion in 2018 to 1.383 billion in 2019, also recorded a 40% growth in its loan portfolio from 3.802 billion in 2018 to 5.338 billion in 2019 as it’s showed a 21.2% increase in profit before tax from 366.8 billion in 2018 to 444.4 billion in 2019, while the bank’s total assets grew by 3% from N10.351 billion in 2018 to N10.644 billion in 2019.

This was disclosed at the 14th Annual General Meeting (AGM) on Thursday, which took place at the Bank’s head office in Abuja, held in adherence to social distancing rules and directives of the Federal Government with12 persons attended physically.

The bank’s chairman, Dr. Adeyinka Bibilari, said he was satisfied with the reports, noted that they were true reflection of the performance of the bank during the 2019 financial year as he acknowledged the presence of representatives from regulatory agencies such as the Securities and Exchange Commission, and CBN.

He stated that the country is indeed going through a trying time due to the Covid-19 pandemic as this has affected so many businesses and rendered some individuals jobless as acknowledged all the shareholders, physically present or by proxy. The Managing Director, Dr. Olabanjo Obaleye, maintained that the bank’s improved performance was a result of the zeal and commitment towards excellence of the Board, management, and staff.

“On the 2020 outlook, The MD/CEO emphasized that the Bank will be focusing on the profitable side of the business despite the harsh economic realities especially with the expected impact of the Covid-19 pandemic. “We would be targeting expansion of our operating capacity, the optimization and scaling of our internal processes and structures in order to reduce our overhead costs, as well as the generation of additional revenues through new business opportunities”.

The AGM, which was initially scheduled to hold physically, was disrupted by the Covid-19 pandemic and the associated national response.

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