ITMB Holds 19th AGM, Reports 51% Revenue Growth

Infinity Trust Mortgage Bank Plc (ITMB) reported a 51% increase in gross earnings, reaching N4.3 billion for the 2024 financial year, during its 19th Annual General Meeting (AGM) held virtually on Tuesday, May 20, 2025.

Speaking at the AGM, Chairman Mrs. Okwa Iyana described the bank’s financial performance as strong despite national challenges such as insecurity, currency devaluation, inflation, and political instability.

She also announced a 43% rise in profit before tax to N1.722 billion and a 17% growth in shareholders’ funds.

The Board declared a dividend of 21 kobo per share, representing a 44% increase from the previous year.

“We are committed to ensuring that strategic management continues to drive this bank to greater heights—both in terms of performance and value creation for our shareholders. Our goal is for you and our shareholders to keep smiling to the bank each year,” Iyana said.

She emphasized ITMB’s focus on expanding its wealth base and delivering customer satisfaction through strategic partnerships and operational efficiency.

“To achieve this, we will continue to pursue enhanced strategic partnerships that make our services more accessible, efficient, and effective. We are committed to delivering satisfaction and value to our customers, while also ensuring that our management team remains focused on expanding the bank’s wealth base—a legacy we are proud of and determined to uphold,” she added.

The AGM featured presentations of the Audited Financial Statements for the year ended December 31, 2024, alongside reports from the Directors, Auditors, Board Appraisers, and the Audit Committee. Shareholders also approved the re-election of directors and the appointment of new Audit Committee members.

Iyana announced her planned retirement in August 2025 and introduced Mrs. Ngozi Chukwu as the new Acting Managing Director/CEO. Chukwu reiterated the bank’s commitment to transparency and innovation.

“Hosting our AGM virtually has allowed us to engage with shareholders efficiently while ensuring inclusivity and accessibility,” she said.

Chukwu noted that the bank’s capital base had grown from N20 billion to N25 billion, while its risk assets portfolio expanded to N16 billion. She affirmed plans to build on these achievements in 2025.

“Yes, we are closely aligned with government efforts. These programmes are aimed at making mortgages more accessible and affordable, and we are fully engaged with them. Our customers are already benefiting, and we will continue to partner with the government to ensure broader impact,” she added, referencing initiatives like the M-REIF, Family Homes Fund, and National Housing Fund.

A Director Mr. Olabanjo Obaleye, who returned to the board, highlighted the bank’s strategic initiatives to attract low-cost funding and expand access to homeownership. He also reaffirmed ITMB’s commitment to the renewable energy agenda.

“We fully support these government initiatives and will continue to leverage every opportunity to maximize shareholder value,” Obaleye said.

Shareholders at the AGM expressed confidence in ITMB’s leadership and strategy, as the bank pledged to sustain its role in delivering affordable mortgage finance and long-term value.