Abuja – Infinity Trust Mortgage Bank PLC Thursday held its 12th Annual General Meeting (AGM) at the Golden Hall of Chelsea Hotel, Abuja.
The AGM received and considered the Audited Financial Statements for the year ended 31
December, 2017 together with the Report of the Director and Auditors.
Consequently, the Audit Committee thereon, Declared dividend, Reappointed Directors, Reappointed Auditors, Authorized the Directors to fix the remuneration of the Auditors, Elected members of the Audit Committee and Fixed the Directors’ fees for the year ending 31 December, 2018.
According to the chairman’s statement, the Bank remained profitable in year 2017 achieving a profit before tax (PBT) of N260,922,465 indicating that the Bank has consistently recorded profit for the past twelve years.
While gross earnings grew by 2.5% from N861million in 2016 to N883million in
2017, operating expense however increased by 6.6% from N491million in 2016 to N523million in 2017 as a result of increasing cost of doing business in Nigeria.
The tough operating environment, orchestrated by the nation being in recession for most part of the year, impacted greatly on the income of most households which affected purchasing power, savings and investment and all these culminated into a reduction in the PBT and PAT as against the previous year.
Ahead of the event, the Managing Director/Chief Executive Officer, Mr. Olabanjo Obaleye had announced that the company was proposing to pay a cash dividend of 2k per ordinary share and 7k per preference share to shareholders whose names appear in the books of the Registrars by 9th May 2018.
This will translate to a total of N125.4million. With this dividend declared the Mortgage Bank has declared dividend for the fourth year running as a listed company and for the 12th consecutive time since 2006. The Bank is the only mortgage bank in Nigeria to achieve this feat.
The Bank maintained its entity rating of A3 in the short term and BB+ (NG) in the long term; with a positive outlook and the routine risk based regulatory examination of the Bank also returned moderate risk for the business operations of the Bank.
ITMB has maintained a robust asset base with total asset growing by 0.63 percent as a result of the growth in the banks investments, risk assets, deposits, on lending funds and shareholders’ funds.
The Bank runs an excellent enterprise risk management strategy. Liquidity and Capital Adequacy ratios were well above the regulatory thresholds throughout the year.
All other regulatory imposed ratios and internally stressed ratios were also all met.
