Rating Release
Agusto & Co. hereby affirms the ‘Bbb+’ rating assigned to Infinity Trust Mortgage Bank Plc
The rating expires on 30 June 2023.
Agusto & Co. hereby affirms the ‘Bbb+’ rating assigned to Infinity Trust Mortgage Bank Plc (“ITMB”, “Infinity Trust” or “the Bank’). The rating is supported by ITMB’s competent management team, strong capitalisation and low leverage. However, the rating is constrained by Infinity Trust’s weak profitability, the inability to sustain low-cost funding with the interest rates inching up and concentration in the loan book, funding and ownership. We have also considered the challenging macroeconomic environment which continues to hamper the growth of the mortgage banking industry.
ITMB is a national primary mortgage bank (PMB) that offers mortgage loans to property buyers and construction finance to real estate developers. As at 31 December 2021, Infinity Trust had total assets of ₦16.2 billion and gross loans and advances of ₦10.1 billion.