TTMB half-year profits before tax jump to $105m

THE Trinidad and Tobago Mortgage Bank Ltd's (TTMB's) half-year pre-tax profits have jump to $105 million.

The mortgage company's consolidated financial statements were published on August 11.

"The consolidated financial performance of the TTMB continues to show strong results, "chairman Patrick Ferreira said.

The TTMB is jointly owned by the National Insurance Board and the government.

In its unaudited review for the half-year period to June 30, the company reported a 58.99 per cent increase in its total assets from $5.3 billion to $8.5 billion and a 59.59 per cent increase in profits before tax from $65.9 million to $105.2 million.

In the company's consolidated financial statements Ferreira said, "TTMB has ushered in a new in the financial services sector, distinguished by its strong foundation of trust, commitment to excellence and drive towards innovation."

He added, "The TTMB’s mission was to give its customers the opportunity to build wealth through its line of premier mortgages, investments and commercial products with a customer centric approach and dedication to success."

The TTMB was established through the merger of two well-established leading institutions,  TT Mortgage Finance Ltd and the Home Mortgage Bank, in March.

"The new entity is expected to offer a one-stop facility incorporating construction financing to actual ownership. The new entity also offers mortgage-backed investment products such as the Samaan Tree Investment Fund, which offers very attractive interest rates," the TTMB said.