Infinity Trust Mortgage Bank posts N2.76bn pre-tax profit, up 27% in nine months

Infinity Trust Mortgage Bank Plc made a pre-tax profit of N2.76 billion in the nine months to September 2026, up 26.94% from N2.18 billion in the same period last year, according to its unaudited financial statements.

Profit after tax rose 24.95% to N2.61 billion, while turnover grew 41.51% to N6.49 billion from N4.58 billion. The bank said stronger interest income from mortgage lending and treasury operations drove the growth.

For ordinary Nigerians, the numbers matter because the bank is one of the lenders that finance home loans, including through the National Housing Fund. A bigger loan book means more money going out to borrowers, but it also means the bank is leaning more on borrowed funds to keep lending.

Where the money came from

Interest and similar income rose 54.71% to N5.89 billion from N3.80 billion. Other mortgage loans and advances to customers brought in N4.16 billion, up from N2.57 billion, and made up about 70.6% of total interest income.

Estate mortgage income climbed to N565.51 million from N335.51 million, and treasury operations and placements earned N1.07 billion, up from N787.60 million. Income from National Housing Fund loans, however, fell to N96.80 million from N109.53 million.

The cost of funding that lending rose faster than the income. Interest and similar expenses jumped 78.18% to N2.19 billion from N1.23 billion, with N1.53 billion of that tied to debt and other borrowed funds, up from N651.63 million.

Net interest income still rose 43.55% to N3.70 billion. But fees and commissions fell 18.79% to N159.29 million, and other operating income dropped 24.22% to N442.46 million.

Operating expenses rose 29.17% to N1.46 billion, yet the growth in net interest income was enough to lift profit.

A bigger balance sheet, and more borrowing

Total assets grew 44.66% to N54.87 billion from N37.93 billion. Loans and advances to customers rose 46.48% to N36.69 billion, and cash and cash equivalents climbed 60.42% to N10.72 billion.

Debt issued and other borrowed funds increased by N12.57 billion to N26.87 billion from N14.31 billion. The bank listed funding from the Nigeria Mortgage Refinance Company, the Development Bank of Nigeria, the Federal Mortgage Bank of Nigeria and the MRIEF on-lending fund.

The bank recorded a net operating cash outflow of N5.80 billion, compared with N4.47 billion a year earlier, largely because lending absorbed N6.59 billion. Net borrowed funds of N7.99 billion helped offset that, and cash and cash equivalents ended the period up N2.71 billion.

Earnings per share rose 24.82% to 81.97 kobo from 65.67 kobo.

The two outlets that reported on the shares gave different figures. Nairametrics said the stock closed at N11.25 on Monday, 26 October 2026, up from N7.00 at the start of the year, a gain of 60.71%. BusinessDay also put the price at N11.25 but reported a year-to-date return of 221.43% and a market capitalisation of N93.8 billion. The sources do not explain the gap between the two return figures.

What happens next: The sources do not say when the bank will release its full-year results or pay a dividend. Investors will be watching whether borrowing costs keep rising faster than lending income, and whether the loan book continues to grow at this pace.