The managing director of Infinity Trust Mortgage Bank Plc, (ITMB) Dr Olabanjo Obaleye, said the bank is targeting a profit before tax of N2 billion by the end of 2022 financial year. He disclosed this on Monday September 16, 2019, during the company facts behind the figures on the floor of Nigerian Stock Exchange (NSE), in Lagos. This above N1.2 billion forecast for the year 2021.
Just as the, company is planning to raise fresh capital that will support their business expansion and growth. According to Obaleye, they will be seeking the fresh capital through equity injection, low cost debt and merger, with emphasis on private placement option.
He said operating envoronmrnt had been very challenging due to insurgency, insecurity, government policies, regulation and rising costs of business operation. Pointing out that some of the strategic management initatives to sustan growth includes implementation of an enterprise risk management system to strengthen risk and control.
Setting up of corporate communication department to drive brand recognition and deepen market penetration. Others are branch expansion, products development and strategc partnership. He explaned, that despite the harsh operating envronemnt, the bank has continued to show resilence, weathering all challenges to remain at the top of the game.
Infinity Trust Mortgage Bank Plc which is selling at N1.39 kobo at the close of Monday September 16, 2019, trading was incorporated in 2002 and commenced business operations in 2003, became a public company in January 2013 and got listed on NSE in December same year.