Infinity Trust Mortgage Bank Plc reported a 95.7 percent rise in its after-tax profit for the year ended December 31, 2025, as strong loan growth, higher interest income, and expanded treasury operations offset rising funding and operating costs.
The lender’s profit after tax increased to N2.90 billion, nearly doubling from N1.48 billion a year earlier, driven primarily by a surge in interest and similar income, which rose to N5.53 billion from N3.58 billion. The increase reflected robust expansion in mortgage lending, particularly in estate mortgages and other mortgage-backed loans, alongside higher returns from treasury placements as interest rates remained elevated.
Net interest income grew to N3.67 billion from N2.45 billion, as interest earned on loans and placements outpaced the rise in interest expenses. While interest paid on customer deposits and borrowed funds increased to N1.87 billion due to higher deposit mobilisation and expanded wholesale funding, the bank benefited from the larger loan book and improved yields across its asset portfolio.
Non-interest revenue also strengthened, with net fees and commission income rising to N282.6 million from N100.2 million, supported by higher credit-related fees, improved transaction volumes, and increased account maintenance charges as customer activity expanded.
Other operating income rose to N799.1 million from N710.1 million, largely driven by higher investment income from securities and placements, as well as additional miscellaneous income streams, which more than doubled, although rental income moderated.
Total operating income increased to N4.75 billion from N3.26 billion, reflecting the combined impact of stronger core lending revenue, treasury gains, and improved fee-based income.
Credit loss expense declined significantly, from N199.4 million to N81.0 million, indicating improved loan performance and tighter risk management despite the rapid growth in the loan portfolio.
Operating costs rose to N1.65 billion from N1.34 billion, as personnel expenses increased to N582.6 million due to higher staff numbers, salary adjustments, and pension contributions to support business expansion. Other operating expenses climbed to N952.2 million, reflecting higher administrative costs, marketing spend, and general overheads associated with branch growth and operational scale.
Profit before tax rose to N3.02 billion from N1.72 billion, as revenue growth outpaced cost increases.
On the balance sheet, total assets expanded sharply to N44.74 billion from N25.15 billion, driven mainly by a near doubling of loans and advances to customers to N30.00 billion from N16.19 billion. The growth reflected increased disbursements of mortgages under the National Housing Fund, estate mortgages, and other housing finance products.
Cash and balances with the central bank rose to N262.8 million from N113.0 million, while funds due from banks increased to N7.58 billion from N3.48 billion, supported by higher placements and liquidity buffers.
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Investment securities stood at N1.33 billion, slightly lower than the prior year, as some holdings were rebalanced into higher-yielding loans and placements.
Property and equipment jumped to N4.23 billion from N2.67 billion, reflecting heavy investment in buildings and infrastructure to support business growth.
On the liabilities side, customer deposits increased to N10.83 billion from N5.96 billion, driven by stronger savings mobilisation, higher time deposits, and growing demand balances as the bank expanded its customer base.
Debt issued and other borrowed funds surged to N18.88 billion from N8.32 billion, largely due to new long-term funding from institutions such as the Nigeria Mortgage Refinance Company, the Development Bank of Nigeria, and the Mortgage Refinance and Interest Equalisation Fund, aimed at supporting mortgage expansion.
Total equity rose to N12.72 billion from N9.21 billion, supported by retained earnings from the strong profit performance and a significant increase in the revaluation reserve following asset revaluations.
Cash flow from financing activities remained strong, with net inflows of N9.65 billion driven by fresh borrowings, although partly offset by dividend payments of N917.8 million to shareholders.