Infinity Mortgage Bank To Grow Total Assets To N26.22 By 2022 …Seek To Raise Fund To Boost Operations

With total asset standing currently at N11.23 billion and shareholders’ funds raising to N6billion as at July 31st 2019, the management of Infinity Trust Mortgage Bank Plc has projected that considering the bank’s management operational  proficiency, its total asset and earnings will rise to N26.22 billion and N4 billion by December 31st 2022 respectively.

Also, the mortgage bank disclose that following sustained growth in revenue, consistent profitability and consistent dividend payment since its listing on the Lagos floor of the stock market in 2013, the bank is expected to grow its loans, investment, deposit, share capital, shareholders funds and Profit before tax to N5billion, N4billion, N7.5billion, N5billion, N12billion and N2billion by 2022 financial year.

Addressing capital market stakeholders on Monday during the bank’s facts behind the figures, the Managing Director/ Chief Executive Officer, Dr. Olabanjo Obaleye who gave out these forecast, noted that despite the challenging operating environment as regards insurgency, insecurity, government policies, regulations and business being strangulated by rising cost, the bank still grew its total assets by 51 per cent, has a strong entity ratings of Bbb+ and strong service rating of SRS.

With a strong operation presence from four location in three state of Abuja, Nasarawa and Lagos, Dr. Obaleye said the bank has since inception in 2003 financed over 20 estates and provided homes for over 6,000 families.

He listed the estates to include Sun City and Abuja model city estate, Monarch gardens, Vintage City, Nassarawa, Bahamas Estate, Durumi Abuja, Yussel Mchris Estate Orozo, Black Quoral Estate Karmo, Abuja, Homeworks, Lekki Lagos and Hall Seven Estste Karsana Abuja.

Dr. who said the bank’s currently in strategic partnership with MWFL-Pre-financing, FMBN-financing and NMRC-Refinancing, further has its strengths in its experienced Board of directors, efficient management, high liquidity, superior processes and market focused products.

 

While disclosing that the bank is looking to increase its capital by approaching the equities market, low cost debt and mergers to boost its operations in the period leading to it achieving the proposed forecast, Dr. Obaleye said the bank’s strategy going forward will include implementing an enterprise risk management system to strengthen the risk and control environment.

“Set up Secondary Market Operation Desk to drive partnership with NMRC and FMBN for faster liquidity and credit delivery. Strengthened the Business Development and Legal processes to build robust and sustained credit underwriting practices.

“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. Engaged rating agencies as part of the management objectives to having an independent third party opinion on the operations of the Bank with a view to fortifying them.

“Continuous training of staff to equip them with requisite intellectuals to deal with the exigencies in our dynamic business environment”, he added.

Speaking further on the bank’s digital strategies, the Managing Director remarked that the bank joining NIBSS, Mobile application platform, Pay Code (Cardless) and End to End Loan Monitoring platform amongst others is expected to improve customers’ service, drive revenue and promote corporate goodwill.

According to him, the projected outcome for the digital strategies will also extend banking services to areas where the bank is not physically present. Bring about improvement in customer service, convenience retention and revenue. Increase in number and quality of risk assets which will translate to higher earnings.

An x-ray of the bank’s financials shows that total assets grew from N7.39 billion in 2013 to N11.23 billion in 2019, while Loans & Advances rose from N1.31 billion to N5.05 billion in 2019 respectively. The bank’s investments of N0.002billion in 2013 climbed to N2 billion in 2019.

Photo Caption: From Left– Mr. Olumide Bolumole, Divisional Head, Trading Business, The Nigerian Stock Exchange (NSE);  Mr. Oscar Onyema, Chief Executive Officer, NSE; Dr. Olabanjo Obaleye, Managing Director /CEO, Infinity Trust Mortgage Bank Plc;  Mr. Akin Arikawe, Director, Infinity Trust Mortgage Bank Plc; Mrs. Tolu Osho, Company Sectary, Infinity Trust Mortgage Bank Plc and Alhaji Abubakar Mohammed, Independent Director, Infinity Trust Mortgage Bank during the Facts Behind the Figures presentation at the Exchange on Monday.

 

Post Author: Friday Ekeoba