TTMB posts $141m in profits

THE newly minted TT Mortgage Bank Ltd (TTMB), formerly the TT Mortgage Finance Company Ltd (TTMF), has posted "very strong financial results" for the fiscal year ended December 31, 2023.

The TTMB, in a press release on March 27, said its assets grew to $5.3 billion, and recorded a profit after tax of $141.4million.

TTMB chairman Patrick Ferreira, in his review, said the steady growth enabled the company to deliver successfully on its primary mandate of providing affordable financing to citizens, and building a strong foundation for the merger between the TTMF and the Home Mortgage Bank (HMB).

The merger of the TTMF and HMB was completed on January 17, with TTMF purchasing 100 per cent of HMB. Both entities are now housed at Albion Court, Dundonald Street, Port of Spain.

This signalled a new beginning for the TTMB towards the realisation of enhanced value creation for customers and the generation of returns for shareholders.

The TTMB is owned by the National Insurance Board (NIB) and the Government through the corporation sole.