A mortgage firm, Infinity Trust Mortgage Plc, has said its loan portfolio increased by 33 percent to N7.12 billion in 2020, compared to the N5.34 billion it realised in 2019.
The bank’s audited figures shows profit before tax increased to N465.06 million from N444.38 million in 2019. The total operating expenses dropped by 15 percent from N740 million in 2019 to N625 million in 2020.
The customers’ deposits increased significantly by 94.5 percent from NI.94 billion in 2019 to N3.77 billion in 2020 due to its spirited customer engagement strategy. On-lending and refinancing activities also witnessed a growth of 22 percent from N2.19 billion to N2.68 billion. Total assets grew by 25 percent from N10.64 billion in 2019 to N13.34 billion in 2020, while shareholders’ funds grew by four percent from N6.20 billion in 2019 to N6.44 billion in 2020.
Speaking at the virtual AGM, Chairman of the bank, Dr. Adeyinka Bibilari, said the bank achieved impressive financial results despite the challenges of the coronavirus pandemic.
“The positive performance is attributed to the bank’s strategic focus of growing the balance sheet and diversifying the bank’s income base. This was underpinned by a robust risk management framework, strengthening of the internal control along with good technological framework and innovation in internal operations and processes,” he said.