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TTMF assets now at $3.67b
The T&T Mortgage Finance Company Ltd (TTMF) recorded a 10.8 per cent increase in net income before tax for the year ended December 31, 2013. The company’s latest consolidated financial statements show that income before tax for the 2013 fiscal years was $59.4 million, up from $53.6 million in 2012. Net income after tax fell marginally by 2.9 per cent from $63.1 million in 2012 to $61.3 million last year. TTMF chairman Albert Vincent said in his report that the company had recorded a solid performance, with total assets increasing by 5.4 per cent to $3.67 billion.
He said: “In 2014 we will continue to support the Government of Trinidad and Tobago in the initiative that will give life to the formation of the Trinidad and Tobago Mortgage Bank (TTMB). “The Government has proceeded with the groundwork necessary for this initiative and we are supportive of this venture as we anticipate that it will ultimately provide a self-sustaining platform for the expansion of the housing sector.”
The TTMF was the result of an agreement in December 1965 between the Commonwealth Development Corporation (formerly Colonial Development Corporation) and the Government to form a company to provide mortgage finance for the purchase of dwelling houses, including land.