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  • Companies
  • Updated: January 17, 2024

Infinity Trust Mortgage Bank records N1.21 billion

Infinity Trust Mortgage Bank records N1.21 billion

Infinity Trust Mortgage Bank reported its financial statement for 2023, showing a profit before tax of N1.21 billion, indicating a 42.8% increase from the N847 million reported in 2022.

In 2023, the company recorded a revenue of N2.9 billion, 38.5% greater than the N2.1 billion reported in 2022. The mortgage bank recorded a net interest income of N2.54 billion, up 40.6% from N1.81 billion in 2022. 

During the period under review, interest Income grew by 32.1 per cent to N1.876 billion, total operating income also grew to N2.240 billion representing a 30.9 per cent increase.

For the 2023 financial period, the Bank also recorded Credit loss expense of N71.446 million, indicating 294.9 per cent increase.

Net operating income rose to N2.169 billion, which is also a 28.1 increase, profit after tax increased to N1.002 billion, reflecting a 58.2 per cent increase, while total assets also grew to N20.661 billion.

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