Lagos - August 17 - (Viewpoint Housing News) -The Chairman of the Nigerian Mortgage Refinance Company (NMRC), Charles Candide-Johnson, the company’s 9th Annual General Meeting in Lagos, said the growth of its net interest income from N5.02 billion in 2021 to N5.52 billion, representing 9.8 percent increase, was made possible by its “sound capital and good governance practices”.
The company’s profit before tax, according to Mr. Candide-Johnson, moved to ₦3.47 billion from ₦3.39 billion recorded in 2021, showing an increase of 2.8 percent.
He also noted that they were good financial performance, despite significant macroeconomic challenges.
He added that the company’s outstanding mortgage refinance loans balance increased to N24.02 billion within its financial year that ended December 31, 2022, up from ₦21.10 billion in 2021, representing about 13.8 percent increase within the period.
Managing Director of the NMRC, Kehinde Ogundimu said as a non-bank financial institution, the management would continue to demonstrate resilience, recalling that, in the period under review, they experienced rising inflation, high-interest rates, and foreign exchange pressures which, according to him, were compounded by high-level fiscal deficit.
He said that, despite these challenges, their gross earnings increased by 2.06 percent from N9.91billion in 2021 to N10.11 billion in 2022, noting, however, that their expenses increased by 14.3 percent from N1.78 billion in 2021 to N2.04 billion in 2022 due to increase provisioning for impairment arising from an increase in refinanced mortgage loan balance and taxes.
Ogundimu added that earnings per share also increased by 1.92 percent to N1.59 billion in 2022, up from N1.56 billion in 2021 while capital adequacy ratio improved from 84 percent in 2021 to 86 percent in 2022 which is far ahead of the regulatory requirement of 10 percent.
At the day’s event were the approval of a dividend pay-out of ₦0.47k for every ordinary share held; ratification of the appointment of two directors; Aminu Umar-Sadiq and Armstrong Takang as Non-Executive Directors and the re-election of the retiring directors, namely Herbert Wigwe, Olufemi Johnson, and Charles Candide-Johnson.
The election of George Oko-Eboh and Banjo Obaleye as members of the Statutory Audit Committee was also approved along with the appointment of PricewaterhouseCoopers (PwC) as the External Auditor of the company, replacing KPMG Professional Services, which had just retired in line with regulatory requirements having served the company for 10years.