TTMB's net profits increase by 11%

THE Trinidad and Tobago Mortgage Bank (TTMB) has reported a profit after tax (net profit) of $176 million for the financial year ended December 31, 2024 ­­– an 11 per cent increase from the previous year.

The group’s consolidated financial statements, released on March 28, also show a pre-tax profit of $180 million, a nearly ten per cent increase from the $164 million recorded in 2023.

The total group assets also increased by 57 per cent to $8.4 billion.

TTMB chairman Patrick A Ferreira, in a statement, attributed the company's strong financial performance to the successful merger of TT Mortgage Finance Company (TTMF) and Home Mortgage Bank (HMB).

The merger, which took effect last year, was designed to streamline operations and enhance financial services within the mortgage sector.

"The alliance allowed the company to capitalise on combined strengths to effectively fulfil its core mission of providing affordable financing solutions to TT citizens and mortgage-backed investment products and project financing in the public and private sectors," Ferreira said.

He added the bank remains committed to fostering generational wealth through real estate, aligning with its broader goal of contributing to national economic development.

The government and the National Insurance Board jointly own TTMB.

The bank plays a crucial role in the local housing market, offering mortgage financing and investment opportunities tied to real estate development.

The bank's steady growth comes amid broader economic challenges, including rising interest rates and inflationary pressures.

The mortgage market remains a critical component of TT’s financial ecosystem, with TTMB's continued profitability indicating stability within the sector.