By Modupe Gbadeyanka
One of the mortgage institutions in Nigeria, Infinity Trust Mortgage Bank, has released its half year financial results to the Nigerian Stock Exchange (NSE).
In the statements obtained by Business Post, the firm recorded an increase in its turnover at the end of June 30, 2017, compared with what was achieved in the corresponding period of 2016.
The company raked turnover N406 million as its gross revenue in 2017 in contrast to N401 million declared in 2016.
However, its profit before tax (PBT) declined this year; N111.3 million against N151.3 million achieved last year.
In the same vein, the profit after tax (PAT) slumped to N100.2 million as at June 30, 2017 versus N134.7 million in June 30, 2016.
In the financial statements, the company’s total liabilities and equity stood at N8.082 billion as at June 30, 2017 in contrast to N8.084 billion in the corresponding period of 2016.
Infinity Trust Mortgage Bank Plc is a company headquartered in Abuja and obtained its licence to operate as a Mortgage Bank in 2002, but commenced operations in March 2003.
It became a limited liability company on January 25, 2013 and was listed on the floor of the NSE on December 11, 2013.
The bank is primarily involved in business of residential and commercial Mortgage financing as well as construction finance among other financial services.
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