Pre-tax profit at Infinity Trust Mortgage Bank increased by 23.57% in the third quarter.

According to Infinity Trust Mortgage Bank’s third-quarter 2023 results, pre-tax earnings increased by 23.57% year over year to N282.33 million.

As a result, nine-month pre-tax profits were N813.52 million as opposed to N552.74 million at the same time previous year.

The huge growth in gross earnings is the cause of the notable increase in pre-tax profits. The increase in interest income from client loans and mortgages, as well as revenue from commissions and other credit-related fees, has been the main driver of this expansion.

Due to the rise in interest payments on both issued debt and customer deposits, the growth in these revenue streams helped to offset the consequences of rising interest rates and related costs.