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At the end of 2023, Infinity Trust Mortgage Bank Plc’s profit after taxes nearly quadrupled to N1.002 billion, from N633.477 million at the end of the same period in 2022.

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The unaudited financial statements for the quarter ended December 2023, which were submitted to the Nigerian Exchange Limited on Wednesday, made this clear.

The mortgage bank’s turnover increased by 38.50 percent to N2.903 billion from N2.096 billion, it was disclosed. This increase was attributed to increases in interest income and comparable revenue, as well as net fees and commission income, which were N2.539 billion and N103.002 million, respectively.

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As evidenced by its records, Infinity Trust has profited from growing interest rates in Nigeria, much like other participants in the nation’s banking industry.

In light of the fact that the Monetary Policy Rate in Nigeria is currently 18.75 percent and the inflation rate was 28.92 percent as of December 2023, the Central Bank of Nigeria may decide to keep raising the benchmark borrowing rate.

The bank’s staff costs climbed to N253 million during the review period from N212 million in 2022; intangible asset amortization increased slightly to N9.465 million from N9.244 million in 2022; and property and equipment depreciation moderated to N65.948 million from N80.269 million.

The mortgage bank’s assets have increased to N20.661 billion as of December 2022, a 23.18 percent growth. As of December 2022, customer deposits have increased from N58.588m to N116.530m, a 98.90% increase.

Infinity Trust Mortgage Bank’s stock value increased by approximately 368.75% during the course of the fiscal year, ending in December 2023 at N6 per share, up from N1.28 at the end of 2022.

The bank’s NGX equities have seen a lot of activity since the year’s beginning, and as of Wednesday’s closing of trading, they were trading at N7.98 per unit.

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