Prime Business AfricaAt the end of the first quarter (Q1) of 2025, Infinity Trust Mortgage Bank Plc recorded N1.28 billion in turnover, exceeding the N853.28 million generated in Q1 2024, reflecting an increase of 50.65 percent.
Also, Infinity Trust recorded double-digit growth or a 47.93 percent increase in its interest income, which climbed to N1.08 billion in Q1 2025, from N731.94 million in the corresponding period in 2024.
Join our WhatsApp ChannelHowever, a 77.44 percent increase in the company’s interest expense overshadowed the increase in its interest income, as the former reached N341.63 million in the first quarter of this year, compared to N192.53 million recorded in Q1 last year.
Consequently, net interest income grew by 37.39 percent year-on-year, rising from N539.41 million to N741.15 million.
Similarly, fee and commission income increased by 37.51 percent from N30.18 million in the first quarter of last year to N41.50 million during the same period this year, indicating a 37.51 percent increase.
Other operating income rose to N161.17 million during the period under review, exceeding the N91.15 million reported in Q1 2024, reflecting an increase of 76.81 percent.
Also, the total operating income grew by 42.84 percent year-on-year from N660.75 million to N943.83 million, while a zero credit loss supported the company’s bottom line in Q1 2025, compared to the N10.42 million credit loss recorded in the corresponding period in 2024.
As a result, Infinity Trust recorded a net operating income of N943.83 million in the first quarter of 2025, compared to the N650.33 million reported in Q1 2024, indicating an increase of 45.13 percent.
According to the report, between January and March 2025, the company recorded N342.28 million total operating expenses, which is more than the N290.46 million recorded in Q1 2024
Despite the 17.83 percent increase in total operating expenses, Infinity Trust declared a 67.15 percent year-on-year increase in profit before tax (PBT), as the latter grew from N359.86 million to N601.55 million.
However, income tax eats into Q1 2025’s bottom line, as the bank filed N60.51 million in taxation, compared to the N26.99 million filed in Q1 2024, reflecting an increase of 124.22 percent.
This left Infinity Trust with N541.03 million profit after tax (PAT), which increased by 62.53 percent year-on-year, from N332.87 million.
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