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October 22, 2025 - 2:01 AM

Infinity Trust Mortgage Bank Posts 107% Surge In Q3 2024 Pre-Tax Profit

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The third-quarter 2024 results of Infinity Trust Mortgage Bank Plc showed that pre-tax profits increased by 106.99% year over year to N584.406 million.

Pre-tax profits for the first nine months increased to N1.333 billion, compared to N814 million during the same period last year.

Key Highlights (2024 Q3 vs. 2023 Q3):

  • Turnover: N1.265 billion (+84.41% YoY)
  • Interest Income: N912.634 million (+46.95% YoY)
  • Interest Expense: N319.771 million (+91.89% YoY)
  • Net Interest Income: N592.862 million (+30.47% YoY)
  • Net Fees and Commission Income: N27.352 million (+22.91% YoY)
  • Total Operating Income: N945.521 million (+82.01% YoY)
  • Total Operating Expenses: N316.004 million (+34.27% YoY)
  • Profit for the Period: N584.170 million (+110.41% YoY)
  • Earnings Per Share: N0.55 (+123.71% YoY)
  • Loans and Advances to Customers: N16.888 billion (+9.93%)
  • Cash and Balances with Central Bank: N127.828 million (+19.13%)
  • Total Assets: N24.032 billion (+16.35%)
  • Due to Customers: N5.921 billion (+34.14%)
  • Total Liabilities: N16.835 billion (+31.62%)

Analysis:

The Q3 2024 results of Infinity Mortgage Bank Plc show remarkable increases in revenue and profitability, which contributed to the company’s great nine-month performance.

Infinity Mortgage Bank Plc reported a post-tax profit of N584.17 million for the third quarter of 2024. This increased the nine-month post-tax profit to N1.303 billion, surpassing the full-year 2023 post-tax profit by more than 30%, combined with N718.47 million from the previous quarters.

Strong turnover – which hit N1.265 billion in Q3 2024, bringing the nine-month total to N3.059 billion – fueled the 110% increase in post-tax profit.

Performance at the Top Line: The main driver of turnover was a significant increase in interest income, which comprised 72% of the entire turnover.

Interest Income Contributed by Mortgages: In Q3, 75% of total interest income came from home loans and consumer advances, a 3.16% decrease from the previous quarter. Comparing this to the same period in 2023, the nine-month contribution decreased by 0.47% to 76.03%.

Interest Charges: In Q3, 35% of interest income was spent on interest. Compared to 29% in H1 2024 and 27% for the first nine months of 2023, this seems tiny but represents an increase.

Balance Sheet Health: The main driver of the 16.35% increase in total assets to N24.032 billion was loans and advances, accounting for over 71% of total assets.

Early outpacing the previous year’s earnings could generate favorable sentiment toward the company, which could raise demand and increase its market value in the near run.

With a 372% year-to-date (YtD) gain in 2023, the stock was among the NGX’s best performers. The company has posted a 16.7% year-to-date gain so far, demonstrating that the positive trend has continued into 2024.

 

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