Infinity Trust Mortgage Bank Plc posted a pre-tax profit of N2.76 billion for the nine months ended September 30, 2026, an increase of 26.94% from N2.18 billion recorded in the corresponding period of 2025, according to its unaudited financial statements.
Profit after tax rose 24.95% to N2.61 billion from N2.09 billion, even as interest expenses and operating costs climbed during the review period.
Turnover expanded 41.51% to N6.49 billion from N4.58 billion, supported by stronger interest income from mortgage lending and treasury operations.
The unaudited results showed the following movements:
- Turnover: N6.49 billion, up 41.51% year-on-year from N4.58 billion. - Interest and similar income: N5.89 billion, up 54.71% from N3.80 billion. - Net interest income: N3.70 billion, up 43.55% from N2.58 billion. - Net fees and commission income: N159.29 million, down 18.79% from N196.16 million. - Other operating income: N442.46 million, down 24.22% from N583.85 million. - Total operating expenses: N1.46 billion, up 29.17% from N1.13 billion. - Earnings per share: 81.97 kobo, up 24.82% from 65.67 kobo. - Total assets: N54.87 billion, up 44.66% from N37.93 billion.
Interest income was the main earnings driver. Other mortgage loans and advances to customers generated N4.16 billion, compared with N2.57 billion a year earlier, and accounted for 70.6% of total interest income. Estate mortgage income rose to N565.51 million from N335.51 million, while treasury operations and placements contributed N1.07 billion against N787.60 million. Income from National Housing Fund loans declined to N96.80 million from N109.53 million.
Funding costs grew faster than interest income. Interest and similar expenses rose 78.18% to N2.19 billion from N1.23 billion, with debt issued and other borrowed funds contributing N1.53 billion, up from N651.63 million. Interest on customer deposits increased to N651.25 million from N574.67 million. Despite this, net interest income still climbed 43.55% to N3.70 billion.
Non-interest income weakened. Net fees and commission income fell 18.79% to N159.29 million, while other operating income dropped 24.22% to N442.46 million, reflecting lower investment income of N385.70 million versus N504.72 million and reduced rental income.
