Rating Release

Agusto & Co. hereby affirms the ‘Bbb+’ rating  assigned to Infinity Trust Mortgage Bank Plc with a stable outlook

The rating expires on 30 June 2024.

Agusto & Co. hereby affirms the “Bbb+” rating assigned to Infinity Trust Mortgage Bank Plc (“ITMB”, “Infinity Trust” or “the Bank”). The rating reflects ITMB’s good asset quality driven by an improvement in the recovery of past due obligations and tighter credit underwriting standards. The rating is also upheld by Infinity Trust’s low-cost profile, good capitalisation and experienced management team. However, the rating is constrained by the significant concentration in the Bank’s ownership and deposit liabilities. We have also considered the challenges in the macro environment which continue to impact adversely on the asset quality of the mortgage banking industry.

ITMB is licensed as a national primary mortgage bank (PMB) that provides mortgage loans to property buyers and construction finance to real estate developers. As at 31 December 2022, Infinity Trust had total assets of ₦16.8 billion.