Management of the Infinity Trust Mortgage Bank (ITMB) Plc has declared a Profit after Tax (PAT) of about N232.147 million for end of the year 2015. It also agreed to pay a cash dividend of three kobo per share to shareholders. If approved, this will translate to a total of N125 million.
The Bank, during its 10th Annual General Meeting (AGM), held in Abuja, also said the Mortgage Bank has declared dividend for the third year running as a listed company and the 10th consecutive time since 2006.
ITMB Managing Director, Olabanjo Obaleye said deposit into the bank rose from N1.064 billion in 2014 to about N1.415 billion in 2015, with about 33 per cent increase.
Obaleye said, “If approved, this will translate to a total of N125m. With this dividend, the mortgage bank has declared dividend for the third year running as a listed company and the 10th consecutive time since 2006. The bank is the only mortgage bank in Nigeria to achieve this feat.”
According to the bank’s 2015 annual report, loan and advances increased to about 1.67 billion in 2015 from N1.24 billion in 2014.
With about 34.5 per cent increase in advances, the mortgage institution reported a marginal increase in total asset and shareholders’ funds by 1.16 per cent and 1.17 per cent respectively in 2014 and 2015.
“The bank has significantly increased its shareholders’ funds from less than N50m in 2003, to over N5bn and maintained an unbroken record in terms of consistency in dividend payment to shareholders for 10 years running.