Skip to main content

Infinity Trust MfB grows loan book to N7.12bn

Infinity Trust MfB grows loan book to N7.12bn

IBFIA awards

By Fortune Eromosele

A mortgage firm, Infinity Trust Mortgage Plc, has said its loan portfolio increased by 33 percent to N7.12 billion in 2020, compared to the N5.34 billion it realised in 2019.

The bank’s audited figures shows profit before tax increased to N465.06 million from N444.38 million in 2019. The total operating expenses dropped by 15 percent from N740 million in 2019 to N625 million in 2020.

READ ALSO:COVID-19: Again, FG declares 132 Nigerians risky to general populace

The customers’ deposits increased significantly by 94.5 percent from NI.94 billion in 2019 to N3.77 billion in 2020 due to its spirited customer engagement strategy. On-lending and refinancing activities also witnessed a growth of 22 percent from N2.19 billion to N2.68 billion. Total assets grew by 25 percent from N10.64 billion in 2019 to N13.34 billion in 2020, while shareholders’ funds grew by four percent from N6.20 billion in 2019 to N6.44 billion in 2020.

Speaking at the virtual AGM, Chairman of the bank, Dr. Adeyinka Bibilari, said the bank achieved impressive financial results despite the challenges of the coronavirus pandemic.

“The positive performance is attributed to the bank’s strategic focus of growing the balance sheet and diversifying the bank’s income base. This was underpinned by a robust risk management framework, strengthening of the internal control along with good technological framework and innovation in internal operations and processes,” he said.

 

The post Infinity Trust MfB grows loan book to N7.12bn appeared first on Vanguard News.


https://ift.tt/3bZmlcG by Urowayino Jeremiah via Vanguard News Albert Einstein Fools of Fortune
Labels:

Comments

Post a Comment

Popular posts from this blog

Where is Aguleri Located?

Aguleri is a prominent town often associated with the mighty river called Omabala wgiyflows through it. It is home to a lot of great men and women of Anambra Stare - notably Willie Obiano. History had it that it was the cradle of Igbo people established by Eri, son of Had, son of Jacob (you got to read your Bible babe). Where is Aguleri located? It can be foueat the north eastern part of Nigeria. They share boundaries with Kano, Umueri, Anam and Nando httpss://twitter.com/share https://google.com https://www.alexa.com/siteinfo/google.com https://www.quantcast.com/google.com https://sharedcount.com/?url=https://google.com https://www.similarsites.com/site/google.com https://facebook.com https://www.alexa.com/siteinfo/facebook.com https://www.quantcast.com/facebook.com https://sharedcount.com/?url=https://facebook.com https://www.similarsites.com/site/facebook.com https://youtube.com https://www.alexa.com/siteinfo/youtube.com https://www.quantcast.com/youtube.com ...
Post a Comment
Read more

How to jump-start Nigeria economy post-COVID-19 Pandemic

Nwali Tochukwu Watching with consternation the fall out of events, actions, and inactions of our Nigerian leaders on mitigating the negative impact of COVID-19 Pandemic disruptions on our social and economic lives. As a young dynamic business and entrepreneurship writer, and author cum small business owner, what came into my mind as we navigate the storms of COVID-19, was a common English phrase Adages, Proverbs, first recorded in Fuller’s Gnomologia, 1732: ‘A stitch in time saves nine’ which was translated to literally, solve the problems right now! Why procrastinating? If we, as a nation wants to break away from past mistakes, and present mistakes, we should hold the bull by the horn right now. And avoid the roads of political expediency. That is exactly what the stitch in time simply stood for. Promptly address issues posed by Coronavirus. By quickly sewing up of a small hole or tear in a piece of material, so saving the need for more stitching at a later date when the whole ha...
2 comments
Read more

Photos: The hot steppers at 7th AMVCA 2020

By Ayo Onikoyi The 7th Africa Magic Viewers’ Choice Awards went down last Saturday night, at the Eko Hotel and Suites, Victoria Island, Lagos, and it was celebration of haute couture of Africa. Call it a gallery of fashion art as movie people across Africa came resplendent in different forms of fashion expressions. From the mesmerizing to the captivating; from the colourful to the glittering; and the bohemian to the bizarre, it was fashion explosion all the way spruced with glamour and glitz. See photos from the 7th AMVCA below… Beverly Naya Bimbo Ademoye Folu Storms Frodd Indimi Okojie Venita Tacha READ ALSO:  Only wicked men complain of fallen breasts ⁠— Wunmi Toriola 2Baba Adunni Ade Ebuka Funke Akindele Iyabo Ojo and children Kimoprah Mercy Aigbe Mike Edwards Pretty Mike of Lagos Toyin Abraham VANGUARD    The post Photos: The hot steppers at 7th AMVCA 2020 appeared first on Vanguard News . https://ift.tt/3dm...
Post a Comment
Read more