INFINITY TRUST MORTGAGE'S INCOME HURDLE.

To end 2016 financial year better than it ended 2015, Infinity Trust Mortgage Bank PLC may have to find a way to boost its income from other operating income.

According to the figures to September released recently other operating income dropped by 21.8% to N116.1m thus forcing Infinity Trust to settle for only 4.79% growth in gross income despite good growth in other areas.

Interest income had increased by 11.3% to N401.8m while fee and commission rose by 39.6% to N63.8m.

Even the impact of the growth in interest income was watered down by far higher 20.4% increase in interest expense to N41.9m.

Hence depressed margin was inevitable as other operating expenses  rose by 12.8% to N167.8m and staff costs ended 9.30% up at N87m

By September Infinity Trust reported 34.1% profit margin compared to 38.4% by the same time in 2015. This was slightly lower than 34.7% reported by 2015 year end

This was as profit before tax dropped by 16.9% to N198.4m. And the chances of ending 2016 better looks remote without boosted other operating income.

INFINITY TRUST MORTGAGE BANK: Nm.  Nine months.
                           2016.         2015
Gross income  581.8.        555.2
Interest income 401.8.      361.1
     ".   Expense     41.9.        34.8
Fee & Comm.       63.8.       45.7
    ".  Expense        -              0.25
Other op. Income 116.1.  148.5
Personnel.              87.0.    79.6
Other op. Exp.      167.8.   148.7
Profit before tax   198.4.   213.1
Profit margin %     34.1.     38.4

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