NIGERIA – Infinity Bank, Nigeria’s premier mortgage provider, has partnered with the Development Bank of Nigeria to enhance lending to customers in the Short and Medium Enterprise sector.
Infinity Bank in a statement said that that the partnership was part of strategies to deepen mortgage penetration and inclusion in the wake of the COVID-19 pandemic.
The bank further revealed that the partnership enabled Infinity Trust Mortgage Bank Plc to be granted access to N2.7bn facility by the Development Bank of Nigeria for lending to its customers.
Infinity said it would utilize funds from the facility to expand its product offerings to those in the Micro, Small and Medium Enterprises sector, as they constituted over 90 per cent of enterprises in the country.
The Managing Director of Infinity Bank, Dr Olabanjo Obaleye, noted that the fund would help in reaching many more customers particularly self-employed and those in the MSME space that want to acquire commercial properties such as shops and offices.
Infinity Trust Mortgage Bank Plc operates as a mortgage institution offering a wide range of mortgage banking services including mortgage lending and lines of credit.
Earlier this year, Infinity Bank released its annual financial results revealed a 3% increase in the company’s total assets from US$26.78 million in 2018 to US$27.53 million in 2019.
The bank, further revealed that it had also witnessed 40% growth in its loan portfolio from US$9.83 million in 2018 to US$13.81 million in 2019.
Infinity Bank’s audited figures further revealed a 37.6 per cent rise in gross earnings from US$2.60 million in 2018 to US$3.58 million in 2019.
Profit before tax rose by 21.2 percent during the year under review from US$0.95 million in 2018 to US$1.15 in 2019.
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