Infinity Trust Mortgage Bank Plc and LivingTrust Mortgage Bank Plc are two of the three listed mortgage banks under the Financial Services – Mortgage Carriers subsector of the Nigerian Exchange.
Both banks have released their unaudited full-year 2025 results for the period ended December 31, 2025, with Infinity Trust emerging ahead on revenue, profitability, and balance-sheet size.
However, the stock market tells a slightly different story.
LivingTrust’s shares have gained about 49% year-to-date, outperforming Infinity Trust’s 21% gain, despite Infinity Trust’s stronger financial performance.
This follows a weak 2025 for both stocks, when LivingTrust declined by 21%, while Infinity Trust ended the year flat.
Beyond headline financial results and share-price movements, the more important question for investors is which bank offers the more compelling investment case, and how would the 2025 full-year performance shape market performance and shareholder return in 2026.
First, let us look at how the banks have performed over time
A closer look at historical performance shows that the two banks have followed very different growth paths.
Over the past five years, Infinity Trust has delivered a consistent and steady earnings trajectory.
LivingTrust’s historical performance followed a different pattern, while the bank recorded a higher long-term growth rate, its earnings were less consistent.
These differences are also visible at the shareholder level.
From an operational standpoint, focusing strictly on mortgage lending and interest income generation.
Infinity Trust appears to be the stronger operator.
LivingTrust’s balance sheet reflects a more diversified but less mortgage-intensive structure.
Looking ahead to 2026, the divergence between the two banks becomes clearer when earnings quality and dividend sustainability are considered together.
Infinity Trust’s sharp improvement in 2025 earnings has strengthened its dividend capacity, reduced payout pressure, and provided greater flexibility to fund future mortgage growth.
Infinity Trust’s sharp improvement in 2025 earnings has strengthened its dividend capacity, reduced payout pressure, and provided greater flexibility to fund future mortgage growth.
LivingTrust’s growth metrics remain attractive, but earnings volatility and a smaller dividend base reduce visibility.
Both banks have paid dividends consistently over the past five years, though with very different payout profiles.
Infinity Trust’s payout ratio typically ranged between 17% and 30%.
LivingTrust’s payout ratio, by contrast, has fluctuated more widely, ranging from 6% to 53%, in line with swings in profitability.
Neither bank has declared dividends for the 2025 financial year.
However, based on earnings per share growth and historical payout behaviour, clear expectations can be formed.
A payout below 25 kobo would be difficult to justify given the scale of earnings growth, while a dividend above 30 kobo would suggest a shift toward a more aggressive payout policy.
At current prices, investors are paying about N12 for every N1 of earnings at Infinity Trust, compared with around N25 for every N1 of earnings at LivingTrust.
This means LivingTrust is already priced for strong future growth, while Infinity Trust still trades at a relatively modest valuation.
With Infinity Trust recording a clear earnings inflexion in 2025 and delivering steady EPS growth over time, continued profit expansion in 2026 could make its current valuation look increasingly attractive. The lower entry price also provides a wider margin of safety if growth slows.
LivingTrust, on the other hand, offers higher historical growth rates but with more earnings volatility. At its current valuation, future returns will depend heavily on the bank sustaining strong and consistent earnings growth.
Overall, Infinity Trust presents the more compelling investment case, combining stronger earnings momentum with a lower valuation.
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