Infinity Trust Mortgage Bank Plc reports N656.93 million pre-tax profits for full-year 2022

Infinity Trust Mortgage Bank Plc has released its unaudited full year 2022 results, reporting a pre-tax profit of N656.93 million. 

This represents a 479% increase from the N113.334 million the company reported during the same period in 2021.  

Gross earnings    

 2022 FY: N1.757 billion  

 2021 FY: N455.47 million  

Change: +258%  

Total operating income    

 2022 FY: N1.500 billion  

2021 FY: N376.08 million  

Change: +297%  

Total operating expenses   

2022 FY:  N821.86 million  

2021 FY: N258.62 million  

Change: +217%  

Pre-tax profit   

2022 FY: N656.93 million  

2021 FY: N113.33 million  

Change: +479.6%  

Net Profit after tax  

2022 FY: N542.49 million  

2021 FY: N105.45 million  

Change: +414%  

Bottom line: The growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.