INFINITY

Infinity Trust Mortgage Bank is a high-quality, well-run primary mortgage institution delivering ROE of ~21.7–25.9% with a cost-to-income ratio of 36.7% and NPL ratio of just 2.49%, placing it firmly in the upper tier of Nigerian financial institutions on operational metrics. However, at ₦11.25 the stock trades at 17.4x trailing P/E and 3.76x P/B — representing a 54.5% premium to our blended fair-value base of ₦5.12 — making it one of the most richly valued names in the FINANCIAL SERVICES:BANK peer group. The quality franchise is not in question; the entry price is severely elevated relative to fundamentals, warranting an avoid until a material correction closes the valuation gap.

Verdict published 2026-08-18 · fundamentals through Q2-2026 · reviewed as the data changes