Infinity Trust Mortgage Bank reported its 2023 third-quarter results showing pre-tax profits grew by 23.57% year on year, reaching N282.33 million.

This took nine-month pre-tax profits to N813.52 million versus N552.74 million in the same period last year.

Key highlights Q3 2023 vs. Q3 2022

Turnover N686.12 million +24.89% YoY

Interest and similar Income N621.04 million +47.03% YoY

Interest and similar Expenses; N166.64 million +74.68% YoY

Net fees and commission income; N22.25 million +33.46% YoY

Other operating income N42.82 million -61.18% YoY

Total operating income N519.48 million +14.43% YoY

Credit loss expenses, N1.8 million

Net operating income N517.68 million +14.04% YoY

Total operating expenses N235.34 million +4.38% YoY

Profit for the period N277.63 million +33.95% YoY.

Earnings per share 25.62 kobo +35.77% YoY

Loans and advances to customers N14.778 billion +25.15% YoY

Cash and balances with Central Bank N1.232 billion -13.45% YoY

Total Assets N20.028 billion +19.57% YoY

Due to customers N4.070 billion +2.11% YoY

Insights: The significant increase in pre-tax profits can be attributed to the substantial expansion in gross earnings. This growth has been primarily fueled by the rise in interest income derived from mortgages and loans provided to customers, and income generated from credit-related fees, and commissions.

The growth observed in these revenue streams moderated the effects of increased interest and similar expenses, driven by the expansion in interest payments on debts issued and on deposits made by customers.