Friday, August 21, 2020 / 5:59 PM / NSE / Header Image Credit: Infinity Trust Mortgage Bank
In line with the Bank's vision of deepening mortgage penetration and inclusion, it was recently on- boarded as a participating Financial Institution by the Development Bank of Nigeria (DBN) to access up to N2.7 billon for on lending to its customers. This demonstrates ITMB strong financial capacity and rating.
The Managing Director/CEO, Dr. Olabanjo Obaleye, while reacting to the development noted that the new partnership with the Development Bank of Nigeria (DBN) is one of the key strategic drives of the Bank to expand its product offerings to those in the MSMEs sector particularly as they constitute over 90%o of enterprises in the country. It will help us reach many more customers that are self-employed and those in the MSME space that want to purchase commercial properties like shop and offices. This will also improve financial inclusion for mortgage products".
He, therefore, appealed to those in the MSMEs sector and small corporates who are interested in accessing a mortgage loans to build and purchase residential or commercial properties to visit any of its office locations for thorough guidance and necessary approval.
"Shelter is one of the basic human needs, this is why we are passionate about providing needed mortgage loan to deserving Nigerians particularly those in the MSMEs sector to purchase properties, this will further broaden the mortgage penetration depth in the Nigerian market, as we speak we have simplified our processes in such a way that a mortgage loan can be disbursed within three days to an individual, giving that the applicant meets all the mandatory requirements. We have streamlined our processes and incorporate the use of technology which has made the disbursement of loan to individuals so fast, making us the leading primary mortgage bank in Nigeria which is reflected in our financial results."
The bank has consistently demonstrated strong brand by maintaining consistent profitability over the years and operating resilience through strong regulatory entity and service ratings.
The results are also indicative of the proactive leadership and versatile management of the bank in maintaining key performance indicators despite the global impact of the pandemic.
Infinity Trust Mortgage Bank PLC, one of the leading and most capitalized Primary Mortgage Banks in Nigeria, the bank has significantly increased its shareholders' funds from less than N50m in 2003, to over N6bn and maintained an unbroken record in terms of consistency in dividend payment to shareholders for fourteen years running. Infinity Trust Mortgage Bank Plc has wholly or partly financed no fewer than 20 modern estates in Nigeria, hereby providing decent and affordable accommodation to over 5,000 Nigerian families.
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Graph - One Year Share Price Movement
Table: Q1 2020 Unaudited Results