By Dele Ogbodo
The management of Infinity Trust Mortgage Bank (ITMB) Plc, has said, the bank has continued to maintain profitability despite the harsh business environment in the country.
The company stated this at the ‘Facts behind the Figures’ which held at the floor of The Nigerian Stock Exchange (NSE) Lagos
Making the disclosure of the company’s performance in the tough operating environment, the company’s Managing Director, Mr. Olabanjo Obaleye, admitted that the bank performed excellently between the time of its listing on the stock exchange in 2013 and now.
He said: “The bank has increased its number of shareholders, attained National Primary Mortgage Bank status, and opened her Lagos regional office. We have received strong industry and regulatory ratings, and many industry and international awards.
“The Bank also added two independent directors and became shareholders with Nigeria Mortgage Refinance Company and Mortgage Warehouse Funding Limited. The bank has held its annual general meetings consistently.”
In the periods under review, he asserted that ITMB, has recorded reasonable growth in its key business fundamentals, adding that total assets, loans and investments grew by 51%, 285% and 10,000% respectively.
Deposits and shareholders’ funds grew by 122% and 9% respectively. Gross Earnings crossed the N1 billion mark in 2018 while profit before tax has continued to increase every year.
Obaleye, noted that the company is constantly exploring areas that can advance the core values of the bank, part of which is the adoption of digital initiatives like development of mobile application which will increase convenience and payment options available to customers.
“We believe that we need to be technology-driven and that is why we are exploring available options by joining the NIBSS platform to improve customer service, drive revenue and promote corporate goodwill.
“We have also implemented end-to-end monitoring in a bid to increase the number and quality of risk assets which will translate to higher earnings for the bank.”
He added that the goals of the Bank are to keep non-performing loans less than 5%, cost to Income less than 50%, return on equity to greater than 20% and weighted average cost of fund less than 4%.
The bank, he said will also seek to continuously enhance earnings, profits and returns to shareholders as well as pursue expansion and growth
According to the MD, part of the key drivers of the company’s growth is its strong brand presence, increased customer confidence and marketing efforts, strong risk management and expenditure control.
He said: “The bank has also experienced unequivocal growth through the public and private housing initiatives supported with efficient risk management framework.
“The bank has articulated and instituted liquidity and IT contingency plans, capital management plans as well as dividend policies to guide against business disruptions and deterioration of capital.
“The company is optimistic that the future can only get better, and enjoined members of the investing public to invest in the bank as they set to redefine the face of mortgage banking in Nigeria.”