NMRC deepens mortgage finance, posts N3.39 billion profit

Towards deepening the mortgage finance sector and expanding its refinancing business, Nigeria Mortgage Refinance Company Plc (NMRC) has provided liquidity to four new institutions in line with the recent regulatory approval to refinance non-member banks.

This was disclosed to shareholders during the presentation of yearly report and accounts for 2021 at its yearly general meeting held at the Abora Hall, Eko Hotel and Suites, Victoria Island, Lagos.

The Chairman, Mr. Charles Candide-Johnson, noted that despite expectations for muted global growth in 2022, NMRC was well positioned to grow and strengthen its existing business relationships, establish and nurture new business relationships, diversify product offerings, and further improve its operational efficiency.

According to the chairman, NMRC’s gross earnings increased by 8 per cent from ₦N9.17 billion in 2020 to ₦N9.90 billion in 2021, while refinanced loans increased by 20per cent from ₦N17.47 billion as at December 31, 2020 to N21.10 billion as at December 31, 2021.

NMRC’s Managing Director, Mr. Kehinde Ogundimu, stated that 2021 was an excellent year for the company with commendable improvements in NMRC’s major financial metrics.

Ogundimu further noted that profit before tax stood at ₦N3.39 billion, an increase of 11.4 per cent over the ₦N3.04 billion recorded in 2020.

In terms of operational efficiency, the managing director also noted that the company’s cost optimisation measures continue to yield results as evidenced by the improvement in cost-to-income (efficiency) from 38.2 per cent in 2020 to 34.5 per cent in 2021.

Earnings per share increased from ₦N1.40 kobo in 2020 to ₦N1.56 kobo in 2021 and shareholders approved a dividend of N0.46 kobo for every ordinary share.