Infinity Trust Q3 profit drops by 20% to N150.2m

Infinity Trust Mortgage Bank Plc has reflected impact of unfavorable operating environment as its recently released result for the nine months’ period ended September 30th , 2017.

unaudited result released by the Nigerian Stock Exchange (NSE) on Tuesday showed that key performance indices declined remarkably.
According to the result, Infinity Trust mortgage’s net operating income for the nine monthsThe ’ period ended 30th September,2017 closed at N542, 542,908 million, which was against N539, 892,430m recorded in the corresponding period of January to September, 2016.

Profit before tax for the period closed at N161, 559,606m, while in the corresponding nine months period of 2016, Cussons Nigeria Plc posted N198,440,600 billion profit before tax.

Profit after tax declined by about 20 percent to N150,250,434m , from N182,565,352m posted in the corresponding period of 2016.
Total Assets for the nine months ended 30th September, 2017, closed at N8, 406,171,717, against N8, 084, 057,440 posted 31st December 2016 financial year.

Personnel expenses for the nine months period ended 20th September, 2017, closed higher at N113, 879,273bn, from N86, 982,459bn recorded in nine months period of 2016.
The result further showed that Cussons’ total operating expenses for the nine months’ period closed lower at N380, 983,302m from N341, 451,830m recorded in the preceding year’s Q3 period.

Income tax expense declined to N11, 309,172bn) from N15, 875,248bn posted in the same period of 2016, while Total equity closed at N5,681,078,084bn from N5,697,941,022bn in the prior year’s period.

The company’s basic earnings per share closed the Q3 2017 period at 4.80 kobo, from 5.84 kobo posted in the corresponding period of 2016.
Total liabilities and equity closed at N8, 406,171,717bn, against N8, 084,057,440bn that closed 2016 financial year.

Bonny Amadi