Infinity Trust Mortgage Bank Plc increased its profit after tax by 25 percent to N2.61 billion in the nine months ended September 2026, as rising interest income from mortgage lending and other loans boosted earnings despite a sharp increase in borrowing costs.
The bank’s unaudited financial statements show that profit after tax rose from N2.09 billion in the corresponding period of 2025, while turnover increased 41.5 percent to N6.49 billion from N4.58 billion. Yet beneath the stronger earnings lies a more complicated picture: interest expenses surged, liabilities expanded, and lending activities continued to consume substantial operating cash.
Interest and similar income rose 54.7 percent to N5.89 billion from N3.80 billion, driven largely by income from other mortgage loans and advances, which increased to N4.16 billion from N2.57 billion. Estate mortgage income also climbed to N565.51 million from N335.51 million, while income from treasury operations and placements rose to N1.07 billion from N787.60 million.
However, the cost of funding that growth increased faster. Interest expenses rose 78.2 percent to N2.19 billion from N1.23 billion, with interest on debt and other borrowed funds climbing to N1.53 billion from N651.63 million.
Consequently, net interest income increased 43.5 percent to N3.70 billion, slower than the growth in interest income. Total operating income rose 28.1 percent to N4.30 billion, while profit before tax advanced 26.9 percent to N2.76 billion.
The balance sheet shows the scale of the bank’s expansion. Total assets increased 45 percent to N54.87 billion at September 2026 from N37.93 billion a year earlier. Loans and advances to customers rose 46.5 percent to N36.69 billion from N25.05 billion, making lending the largest asset category.
But funding increasingly depends on borrowing. Debt issued and other borrowed funds climbed 87.8 percent to N26.87 billion from N14.31 billion, while customer deposits increased to N11.20 billion from N9.75 billion.
The cash flow statement highlights the trade-off. Cash generated from operations was negative N5.80 billion, compared with negative N4.47 billion in the corresponding period of 2025, as increases in loans absorbed cash. Net borrowed funds of N7.99 billion helped offset the operating outflow and supported a N2.71 billion increase in cash and cash equivalents, pushing the cash at the end of the period to N10.72 billion.
Infinity Trust’s results present a growing mortgage lender with rising profits and an expanding loan book, but also mounting funding costs and dependence on external financing.
Infinity Trust Mortgage’s stock currently trades at N11.25 on the NGX and has returned 221.43 percent to its holders year-to-date, with a market capitalisation of N93.8 billion.
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