Infinity Trust Mortgage Bank reported its 2023 third-quarter results showing pre-tax profits grew by 23.57% year on year, reaching N282.33 million.
This took nine-month pre-tax profits to N813.52 million versus N552.74 million in the same period last year.
Key highlights Q3 2023 vs. Q3 2022
- Turnover N686.12 million +24.89% YoY
- Interest and similar Income N621.04 million +47.03% YoY
- Interest and similar Expenses; N166.64 million +74.68% YoY
- Net fees and commission income; N22.25 million +33.46% YoY
- Other operating income N42.82 million -61.18% YoY
- Total operating income N519.48 million +14.43% YoY
- Credit loss expenses, N1.8 million
- Net operating income N517.68 million +14.04% YoY
- Total operating expenses N235.34 million +4.38% YoY
- Profit for the period N277.63 million +33.95% YoY.
- Earnings per share 25.62 kobo +35.77% YoY
- Loans and advances to customers N14.778 billion +25.15% YoY
- Cash and balances with Central Bank N1.232 billion -13.45% YoY
- Total Assets N20.028 billion +19.57% YoY
- Due to customers N4.070 billion +2.11% YoY
Insights: The significant increase in pre-tax profits can be attributed to the substantial expansion in gross earnings. This growth has been primarily fueled by the rise in interest income derived from mortgages and loans provided to customers, and income generated from credit-related fees, and commissions.
- The growth observed in these revenue streams moderated the effects of increased interest and similar expenses, driven by the expansion in interest payments on debts issued and on deposits made by customers.