Infinity Trust Mortgage Bank Declares 3.5K Dividend for Shareholders
Infinity Trust Mortgage Bank (ITMB) Plc, on Thursday, consolidated its leadership role through its 2019 financial and business operations with the declaration of 3.5 kobo dividend for its shareholders.
The Chairman of the bank, Dr. Adeyinka Bibilari, while addressing investors and shareholders via virtual network platform with 12 persons in attendance because of social distancing measures at the bank's 14th Annual General Meeting (AGM), acknowledged the reality of COVID-19 pandemic, which he said is taking toll on businesses and jobs.
The chairman expressed happiness at the physical presence of SEC, CBN, and other critical stakeholders who were also present by proxy.
Dr.Bibilari also acknowledged that in compliance with the company’s articles of association, that there was enough quorum at the meeting to carry on the business of the day.
On her part, the Company's Secretary, Tolulope Osho, read out the ordinary business for the day for deliberations including the approval of the audited accounts and reports for the year ended December 2019.
The company's independent Auditors, Messrs. Aminu Ibrahim & Co. (Chartered Accountants) read their report on the audit of the Bank’s financial statements as a clean audit report was issued to the bank.
Bibilari, said: "I'm satisfied with the reports as it is a true reflection of the performance of the bank during the 2019 financial year which is under consideration.
"We remain resolute in our commitment to being an industry leader in the banking sub-sector through innovation, focus, and excellent service delivery.
"We shall continuously drive our growth and success story, and improve our efficiency and profitability as we pursue and execute our current and expansionary goals.
"We are putting in place the right people and technology that will enhance the actualization of our goals."
The shareholders of the bank progressively moved to approve the bank’s 2019 annual reports and account at the meeting.
One of these resolutions at the 14th AGM was the payment of dividends to shareholders, as the shareholders approved the appropriation of profits proposed by the board of directors and resolved to distribute a dividend of 3.5 kobo per share.
The shareholders applauded the bank for keeping a strong operating performance despite the dwindling economy and keeping to its mandate of increasing investors' wealth by not reneging on its dividend commitment despite the raging economic uncertainties presented by the pandemic.
Checks of the audited figures showed a 37.6% rise in gross earnings from N1.005 billion in 2018 to N1.383 billion in 2019.
The bank also witnessed 40% growth in its loan portfolio from N3.802 billion in 2018 to N5.338 billion in 2019 showing a 21.2% increase in profit before tax from N366.8 billion in 2018 to N444.4 million in 2019.
Total assets grew by 3% from N 10.351 billion in 2018 to N10.644 billion in 2019.
The Managing Director of the bank, Dr. Olabanjo Obaleye, in a remark on the bank’s performance, maintained that the bank’s impressive result was as a result of the zeal and commitment towards both the board, management, and staff.
He reiterated that the bank has been a pacesetter for other mortgage Banks in Nigeria and will continue to innovate products that will make mortgages accessible to those yearning to own their homes.
"The bank’s key capital and liquidity figures remain well above the regulatory requirements, even after the reporting date of 31 December 2019.
"Thanks to our very good capital and liquidity situation with an equity ratio well above the minimum legal requirement as well as its solid business policy. We have continued to develop products, and procedures designed to meet with the evolving business environment.
“I am glad that the shareholders will get their dividends this year, this makes it the 14th year we have consistently paid dividends to our shareholders. Creating wealth to our shareholders has been a critical focus of our value addition." Obaleye, said.
On the 2020 outlook, the MD emphasized that the bank will be focusing on the profitable side of the business despite the harsh economic realities especially with the expected impact of the Covid-19 pandemic.
He said: "Just as we were able to hold our first virtual AGM with the aid of Technology, we would launch products and services that are technology-driven which will enhance the customer experience."
“We would be targeting expansion of our operating capacity, the optimization and scaling of our internal processes and structures in order to reduce our overhead costs, as well as the generation of additional revenues through new business opportunities.