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Infinity Trust Mortgage Bank full-year profit leaps by 28%



Infinity Trust Mortgage Bank full-year profit leaps by 28%

Infinity Trust Mortgage Bank Plc has announced a 28% upsurge in its after-tax profit for the Full Year 2019.

This, together with other details of its Key Performance Indicators (KPIs), was contained in the firms Interim Financial Statements for the Fourth Quarter Ended 31st December 2019, published on the website of the Nigerian Stock Exchange (NSE) on Tuesday.

Turnover went up by 37% from N1.005 billion as of the end of December 2018 to N1.379 billion at the corresponding period of 2019.

Profit Before Tax (PBT) swelled from N366.756 million at FY2018 to N441.787 million at FY2019, signalling a 20% increase.

Profit After Tax (PAT) similarly responded to the positive drift, spiralling from N327.220 million at FY2018 to N419.617 million in the relative period of 2019.

Apart from expansion in the company’s earnings, one other factor accounted for the growth in the company’s profit.

First, the firm’s Net Fees and Commission Income rose from N71.008 million at FY2018 to N120.271 million at FY2019, representing a 69% surge in the period under review.

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However, the company’s Total Operating Expenses rose significantly by 29% from N577.188 million at the end of 2018 to N742.618 million in the relative period of 2019.

Put differently, the company’s cost of doing business increased by a reasonable margin in the period under review.

Infinity Trust Mortgage Bank should look for measures to cut down its expenses further in order to improve its operational efficiency.

The company’s Earning Per Share (EPS) surged by 50% from 6.06 kobo at FY2018 to 9.06 kobo at FY2019.

Infinity Trust Mortgage Bank currently sells on the floor of the NSE at N1.39 per share.

Earnings Per Share is the profit that each unit of a company’s ordinary shares recorded during a particular period. It is simply calculated by dividing the Profit After Tax by the company’s total outstanding shares.

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