TTMB records 44.5 per cent jump in profits

THE Trinidad and Tobago Mortgage Bank Ltd (TTMB) and its subsidiary Home Mortgage Bank (HMB) produced impressive first quarter results to March 2024, a release from the company has reported.

The TTMB, in a press release, said its assets grew 58 per cent to $8.5 billion and profits increased 44.5 per cent to $47.5 million.

In his review, chairman of TTMB and HMB Patrick Ferreira reported that the group, through its new subsidiary, offered mutual funds backed by real estate which paid competitive returns and offered high levels of security.

This, combined with its primary mandate to provide affordable financing to the citizens of the country, would enable the organisation to grow revenue and profitability, the company said.

The TTMB is a merger between the TT Mortgage Finance Company Ltd (TTMF) and HMB, completed in February 2024. The TTMB is owned by the National Insurance Board (NIB) and the Government through the corporation sole.