Barely a one month after the listing Computer Warehouse Group, the Nigerian Stock Exchange (NSE) will on Wednesday list Infinity Trust Mortgage Bank Plc. A total of 4.17 billion ordinary shares of 50 kobo each of the primary mortgage institution will be listed at N1.50 per share.
Speaking on the coming listing, the Managing Director of Infinity Trust Mortgage Bank, Mr. Obaleye Olabanjo, said the development was the a reflection of the bank’s desire to create value and opportunities of providing shelter for many Nigerians.
According to him, the listing would also enable the company to raise funding to expand its line of business of offering wide range of mortgage banking services.
“Our mission is to be a reference point in all spheres of mortgage business through the usage of time – tested professionals, the best in technology and adequate capital in creating wealth for all stakeholders – customer, staff,
shareholders and the community at large,” he said.
He disclosed that the company had shareholders’ funds in excess of N4.5 billion as at the end of 2012, making it one of the most capitalised PMIs in the country.
Olabanjo noted that the firm was profitably run with very substantial, impactful value addition and great potential, saying for eight years running, it had been consistent in increasing returns on investment and paying dividends to the shareholders.
Speaking on the performance, he said the bank achieved recorded a profit before tax of before taxation (PBT) of N565.6 million and profit after taxation (PAT) of N517million.
The MD said the approach was to reinforce the company’s position by growing significantly across the key metrics, including scale, profitability and market share.
The results, he said, reflected a robust improvement upon the previous performance and the indicators are well above those posted by the company’s peers.
“The bank has continued to be ahead of our competitors despite the challenging economic environment in Nigeria,” Olabanjo said.