The Managing Director/CEO, Infinity Trust Mortgage Bank (ITMB), Mrs. Ngozi Chukwu, has said that the bank would remain focus on expanding access to mortgage financing.
She gave the assurance during the bank’s 19th Annual General Meeting (AGM) in Abuja, bringing together shareholders to assess the bank’s achievements and set new targets for the future.
The managing director explained that ITMB would take advantage of various government-backed housing schemes, including the Minister of Finance Incorporated Real Estate Investment Fund (MFRI), Family Homes Funds (FHFL), and the Nigerian Mortgage Refinance Company (NMRC).
These partnerships, she said would help reduce borrowing costs and make home ownership more affordable for Nigerians.
In her speech, Chairman, Mrs. Okwa Ene Iyana, expressed satisfaction with the bank’s performance over the past year, despite prevailing economic and political challenges, such as inflation, insecurity, currency depreciation, and general uncertainty in the business environment.
She announced that the bank recorded a 51 percent increase in gross earnings, amounting to N4.3 billion. Profit After Tax (PAT) also rose by 43 percent to N1.722 billion, while shareholders’ funds grew by 17 percent.
She further disclosed that the board had approved a dividend of 21 kobo per share, up from the 14.55 kobo paid the previous year.
During the meeting, shareholders confirmed the appointment of Dr. Olabanjo Obaleye, Mrs. Nkechi Bibilari, and Mr. James Ahmed as new members of the Board of Directors.
Mrs. Iyana also announced her intention to step down from her role as chairman by August this year.
Obaleye, who previously served as CEO of the bank and retired in 2021 after 17 years of service, returns to the board in a non-executive capacity.
The 19th AGM of Infinity Trust Mortgage Bank showcased the institution’s financial progress, boardroom changes, and ongoing commitment to making homeownership accessible through effective partnerships and strategic planning.
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