Infinity Trust Mortgage Bank (ITMB) Plc has reported a 28.81 per cent drop in profit after tax for the half year ended June 30, 2020.
The bank’s unaudited accounts in a filing with the Nigerian Stock Exchange (NSE) showed a profit after tax of N150.530 million for the half year 2020 as against N211.458 million reported in 2019, representing a decline of 28.81 per cent. Profit before tax equally stood at N160.138 million from N224.955 million in 2019, accounting for a drop of 28.81 per cent.
Turnover dropped by 12.87 per cent from N667.695 million to N587.762 million in 2020. ITMB reported a revenue of N1.378 billion and profit after tax (PAT) of N419.697 million respectively for the year ended December 31, 2019. In its interim unaudited accounts made available to stock market operators, ITMB posted N1.378 billion revenue in 2019, up by 37.3 per cent from the N1.005 billion recorded in 2018.
Net operating income rose from N943 million to N1.184 billion, while total operating expenses rose from N577 million to N743 million. Profit before tax rose 20.4 per cent from N366.756 million to N441.786 million. However, PAT grew slower by 9.4 per cent to N419.697 million from N383.467 million due to a jump of 232 per cent in tax from N6.644 million to N22.089 million.
The Managing Director/ CEO of ITMB Plc, Dr. Ola-banjo Obaleye, last September, said the company continued to maintain profitability since its listing on the Nigerian Stock Exchange (NSE) despite the harsh business environment in the country.
He said the bank had increased its number of shareholders, attained national primary mortgage bank status, and opened its Lagos regional office. “We have received strong industry and regulatory ratings, and many industry and international awards.
The bank also added two independent directors and became shareholders with Nigeria Mortgage Refinance Company and Mortgage Warehouse Funding Limited. The bank has held its annual general meetings consistently,” he said.