Infinity Trust Grows Profit By 28.26%
UMORU ABDULKADIR
Infinity Trust Mortgage Bank has grown its full-year Profit after tax (PAT) by 28.26 per cent to N419.70 million for the financial year ended December 2019.
This was made known by the mortgage bank in its full-year 2019 unaudited financial statement filed to the Nigerian Stock Exchange (NSE) on Tuesday.
According to the bank, the Company recorded growth in all metrics as it grew profit after Tax for the full –year by 28.26 per cent to N419.10 million, up from N327.22 million reported at the same time of 2018.
Equally, it recorded 20.46 per cent increase in its Profit Before Tax (PBT) from N366.76 million of 2018 to N441.79 million at the end of the fourth quarter period ended December 31, 2019.
The bank also generated total revenue of N1.38 billion during the period under review, an indication of 37.14 per cent growth in turnover from N1.01 billion achieved in the corresponding period of 2018.
While it grew its interest income by 46.00 per cent (year-on-year) to N1.08 billion in 2019, when compared with N737.31 million in the preceding year, its Net fee and Commission income appreciated by 69.38 per cent to N120.27 million against N71.01 million reaped in 2018.
The bank’s total operating income increased to N1.19 billion at the full-year ended period from N892.96 million of the same period of 2018, representing a 25.47 per cent increase, while its total operating expenses grew to N742.62, up from N577.19 million expended the previous year, an indication of 28.66 per cent rise in Infinity Bank’s expenses for the period in focus.
While its loans to customers improved from N3.80 billion at the end of 2018 to N5.34 billion in the full-year 2019, representing 40.54 per cent in the bank’s loan portfolio, its total equity dipped 2.80 per cent to N5.80 billion, when compared to N5.97 billion recorded in 2018 full-year ending.
As at the end of December 2019, the bank’s total assets stood at N10.53 billion, higher than N10.35 billion of the corresponding period of 2018 by 1.75 per cent while its total liabilities grew faster at 7.94 per cent to stand at N4.73 billion, up from N4.38 billion of the preceding year.
Similarly, Its earnings per share increased 49.51 per cent to N9.06 last year instead of N6.06 in 2018.
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