Infinity Trust To Launch Diaspora Mortgage

The Managing Director/Chief Executive Officer of Infinity Trust Mortgage Bank (ITMB), Dr Olabanjo Obaleye, has said the firm will soon commence the facilitation of mortgages to Nigerians in the diaspora to expand its reach.

He said despite the effects of COVID-19, the bank increased its asset base by 25 per cent in 2020 in its audited statement for the year 2020.

Dr Obaleye, who made this known in an Earnings Conference Call in Abuja, said the bank’s report showed that it had a 33% increase in loans and advances as well as a 94% increase in deposit mobilization with a proposed 4% increase in dividends for the shareholders.

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He said the housing deficit created more opportunities for mortgage banks, adding that the bank also cut some of its expenditure during the ‘pandemic year’ to retain its position as the top mortgage bank in the country.

While lamenting the lack of recognition the mortgage and housing sector has gotten from the government, he said mortgage should be prioritised by governments because it enhances productivity and government revenues.

“You can’t curb corruption without a mortgage,” he noted.

He said despite the harsh operating environment, the bank has continued to show resilience, weathering all challenges to remain at the top of the game.

“We have demonstrated clear leadership in the subsector in terms of profitability, liquidity, capital adequacy, dividend payout, corporate governance, and efficient reporting,” he said.

Source: Daily Trust