INFINITY TRUST MORTGAGE BANK PLC
INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED
30 JUNE 2021
STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE, 2021.
The Board of Directors of Infinity Trust Mortgage Bank Plc is pleased to present an extract of the unaudited and interim financial statements for the Half Year Ended 30 June, 2021 which was approved by the Board on 04 July, 2021.
Infinity Trust Mortgage Bank Plc | ||||||||
Statement of Comprehensive Income | ||||||||
for the half year ended 30 June, 2021 | Jan - June | April - June | Jan - June | April - June | ||||
NOTES | 2021 | 2021 | 2020 | 2020 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | |||||
N | N | N | N | |||||
Turnover | 785,476,290 | 402,508,015 | 581,762,123 | 265,593,677 | ||||
Interest and similar income | 1 | 601,440,524 | 314,515,532 | 468,177,013 | 232,553,126 | |||
Interest and similar expense | 2 | (112,146,385) | (67,275,682) | (101,428,174) | (48,634,034) | |||
489,294,139 | 247,239,850 | 366,748,839 | 183,919,092 | |||||
Net Fees and commission income | 3 | 59,968,482 | 34,127,492 | 34,438,770 | 12,738,005 | |||
Net fee and commission income | 59,968,482 | 34,127,492 | 34,438,770 | 12,738,005 | ||||
Other operating income | 4 | 124,067,284 | 53,864,991 | 79,146,339 | 20,302,545 | |||
Total operating income | - | - | ||||||
673,329,905 | 335,232,333 | 480,333,948 | 216,959,643 | |||||
Credit loss gain (expense) | 5 | 14,550,978 | - | (13,610,807) | - | |||
Net operating income | 687,880,883 | 335,232,333 | 466,723,141 | 216,959,643 | ||||
Personnel expenses | 6 | 136,059,168 | 72,150,888 | 119,625,997 | 59,353,211 | |||
Depreciation of property and equipment | 16b | 35,852,985 | 17,989,859 | 50,374,955 | 24,690,897 | |||
Amortisation of intangible assets | 15b | 3,299,867 | 1,686,206 | 2,749,737 | 1,382,785 | |||
Other operating expenses | 7 | 193,121,594 | 97,577,516 | 133,833,883 | 55,956,715 | |||
Total operating expenses | 368,333,614 | 189,404,468 | 306,584,573 | 141,383,607 | ||||
Profit before tax | 319,547,269 | 145,827,865 | 160,138,568 | 75,576,035 | ||||
- | - | |||||||
Income tax expense | (19,446,205) | (11,800,284) | (9,608,314) | (4,820,244) | ||||
- | - | |||||||
Profit after Tax | 300,101,063 | 134,027,581 | 150,530,254 | 70,755,791 | ||||
Other Comprehensive Income | - | - | - | - | ||||
Total Comprehensive Income | ||||||||
300,101,063 | 134,027,581 | 150,530,254 | 70,755,791 | |||||
Earnings per share - Basic (Kobo) | 13.38 | 11.85 | 6.21 | 5.78 |
The notes on pages 5 to 7 are an integral part of these financial statements.
Page 1
INFINITY TRUST MORTGAGE BANK PLC | ||||
Statement of Financial Position | Half Year Ended | 3 Months Ended | ||
As at 30 June 2021 | NOTES | 30 June | 30 June | |
2021 | 2020 | |||
Unaudited | Unaudited | |||
N | N | |||
Assets | ||||
Cash and balances with Central Bank | 9 | 119,270,948 | 100,684,849 | |
Due from banks | 10 | 1,118,944,565 | 1,571,153,885 | |
Loans and advances to customers | 11 | 8,556,529,649 | 7,118,049,692 | |
Investment Securities | 12 | |||
- FVOCI | 373,599,998 | 373,599,998 | ||
- Held at amortised Cost | 1,615,666,998 | 829,631,245 | ||
Other assets | 13 | 444,244,113 | 575,188,597 | |
Deferred tax assets | 14 | 52,500,000 | 60,000,000 | |
Intangible assets | 15 | 17,876,115 | 18,953,809 | |
Property and equipment | 16 | 2,681,470,694 | 2,672,487,381 | |
14,980,103,080 | 13,319,749,456 | |||
Non current assets held for sale | 17 | 23,031,000 | 23,031,000 | |
Total Assets | 15,003,134,080 | 13,342,780,456 | ||
Liabilities | ||||
Due to customers | 18 | 4,747,725,423 | 3,765,748,401 | |
Debt issued and other borrowed funds | 19 | 3,094,066,729 | 2,682,169,747 | |
Current tax liabilities | 20 | 35,344,065 | 48,308,695 | |
Other liabilities | 21 | 897,162,595 | 408,900,514 | |
Total liabilities | 8,774,298,812 | 6,905,127,358 | ||
Equity | ||||
Issued share capital | 22 | 2,085,222,860 | 2,085,222,860 | |
Preference shares | 23 | 600,000,000 | 600,000,000 | |
Share premium | 1,227,369,465 | 1,227,369,465 | ||
Statutory reserve | 726,720,330 | 726,720,331 | ||
Retained earnings | 1,239,348,332 | 1,448,166,161 | ||
Revaluation reserve | 204,597,313 | 204,597,313 | ||
Regulatory risk reserve | 76,976,969 | 76,976,970 | ||
Fair Value Reserve | 68,599,998 | 68,599,998 | ||
Total Equity | 6,228,835,268 | 6,437,653,098 | ||
Total liabilities and equity | ||||
15,003,134,080 | 13,342,780,456 |
The notes on pages 5 to 7 are an integral part of these financial statements.
The financial statements on pages 1 to 7 were approved by the Board of Directors on 04 July,
2021 and signed on its behalf by:
TOLU OSHO | |
COMPANY SECRETARY | DR. OLABANJO OBALEYE |
FRC/2017/NBA/00000016418 | MANAGING DIRECT0R/CEO |
FRC/2014/ICAN/00000008786 | |
Also Signed by: | |
SAMSON AGBAKA | |
CHIEF FINANCIAL OFFICER | |
FRC/2013/ICAN/00000002601 |
Page 2
Infinity Trust Mortgage Bank Plc | |||||||
Interim Financial Statements | |||||||
Statement of Cash Flows | |||||||
for the Half Year Ended 30 June, 2021 | Jan - June | April - June | Jan - June | April - June | |||
2021 | 2021 | 2020 | 2020 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | ||||
N | N | N | N | ||||
Profit before tax | 319,547,269 | 145,827,865 | 160,138,568 | 75,576,035 | |||
Adjustment for non cash items | |||||||
Depreciation of Property, Plant & Equipment | 35,852,985 | 17,989,859 | 50,374,955 | 19,094,437 | |||
Amortisation of intangibles | 3,299,867 | 1,686,206 | 2,749,737 | 1,382,785 | |||
Cashflow before changes in working capital | 358,700,121 | 165,503,930 | 213,263,261 | 96,053,257 | |||
CHANGES IN WORKING CAPITAL | |||||||
Decrease/(Increase) in Loans and Advances | (1,454,953,361) | (844,010,449) | (690,812,331) | (46,371,263) | |||
Decrease/(Increase) in Other Assets | (130,944,484) | (2,401,896) | (214,296,215) | (71,432,072) | |||
Decrease/(Increase) in Non Current Assets | - | - | 8,865,000 | 2,955,000 | |||
(Decrease)/Increase in Deposits | 981,977,022 | 131,132,422 | 772,271,258 | 278,030,507 | |||
(Decrease)/Increase in Other Liabilities | 488,262,081 | 317,698,010 | 185,607,450 | 61,869,150 | |||
Tax Paid | (12,964,630) | (12,964,630) | (10,743,922) | (10,743,922) | |||
Cash generated from operations | (128,623,373) | (410,546,543) | 50,891,240 | 214,307,400 | |||
CASHFLOW FROM INVESTING ACTIVITIES | |||||||
Purchase of Property, Plant and Equipment | (106,774,399) | (53,387,200) | (29,689,475) | (9,896,492) | |||
Purchase of Intangible Assets | (5,941,645) | (2,970,822) | (8,860,417) | (2,953,472) | |||
Purchase of financial Investments | (1,386,035,753) | (358,021,290) | (888,423,706) | (296,141,235) | |||
Redemption of investments | 600,000,000 | - | 251,711,216 | 167,282,611 | |||
(898,751,796) | (414,379,311) | (675,262,381) | (141,708,588) | ||||
CASHFLOW FROM FINANCING ACTIVITIES | (208,817,829) | (208,817,829) | (187,965,600) | (187,965,600) | |||
Dividend Paid | |||||||
Receipt of borrowed funds | 514,200,500 | 148,000,000 | 571,050,000 | 521,544,062 | |||
Repayments on borrowed funds | (95,330,843) | (59,526,100) | (42,889,061) | (21,444,530) | |||
210,051,828 | (120,343,929) | 340,195,339 | 312,133,932 | ||||
Increase/(Decrease)in cash and cash equivalent | (458,623,220) | (779,765,854) | (284,175,802) | 480,786,001 | |||
Cash and cash equivalent as at beginning of period | 1,613,348,705 | 1,936,148,322 | 1,613,348,705 | 848,386,903 | |||
Cash and cash equivalent as at end of period | 1,154,725,485 | 1,156,382,468 | 1,329,172,903 | 1,329,172,903 | |||
Additional cash flow information | |||||||
Cash and cash equivalent | |||||||
Cash on hand (Note 16) | 35,780,920 | 35,780,920 | 33,993,750 | 33,993,750 | |||
Balances with Banks within Nigeria | 160,344,026 | 160,344,026 | 547,179,153 | 547,179,153 | |||
Placements with Banks | 958,600,539 | 958,600,539 | 748,000,000 | 748,000,000 | |||
1,154,725,485 | 1,154,725,485 | 1,329,172,903 | 1,329,172,903 |
The deposits with the Central Bank of Nigeria is not available to finance the bank's day to day operations and therefore,are not part of cash and cash equivalents. (See Note 9)
3
INFINITY TRUST MORTGAGE BANK PLC
Statement of Changes in Equity
As at 30 June 2021
As at 30 June 2020 | Issued | Share | Preference | Statutory | Retained | Revaluation | Regulatory | Fair Value | ||
Capital | Premium | Shares | Reserves | Earnings | Reserves | Reserves | Reserves | Total equity | ||
N | N | N | N | N | N | N | N | N | ||
At 1 January 2020 | 2,085,222,860 | 1,227,369,465 | 600,000,000 | 644,497,544 | 1,346,457,271 | 204,597,313 | 37,760,313 | 56,249,998 | 6,202,154,764 | |
- | - | - | - | - | - | - | - | - | ||
Dividend paid | - | - | - | - | (187,965,600) | - | - | - | (187,965,600) | |
At 30 June, 2020 | 2,085,222,860 | 1,227,369,465 | 600,000,000 | 644,497,544 | 1,158,491,671 | 204,597,313 | 37,760,313 | 56,249,998 | 6,014,189,164 | |
Issued | Share | Preference | Statutory | Retained | Revaluation | Regulatory | Fair Value | |||
As at 30 June 2021 | ||||||||||
Capital | Premium | Shares | Reserves | Earnings | Reserves | Reserves | Reserves | Total equity | ||
N | N | N | N | N | N | N | N | N | ||
At 1 January 2021 | 2,085,222,860 | 1,227,369,465 | 600,000,000 | 726,720,331 | 1,448,166,161 | 204,597,313 | 76,976,970 | 68,599,998 | 6,437,653,098 | |
- | - | - | - | - | - | - | - | - | ||
Dividend paid | - | - | - | - | (208,817,829) | - | - | - | (208,817,829) | |
At 30 June, 2021 | ||||||||||
2,085,222,860 | 1,227,369,465 | 600,000,000 | 726,720,331 | 1,239,348,333 | 204,597,313 | 76,976,970 | 68,599,998 | 6,228,835,268 |
Page 4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Infinity Trust Mortgage Bank plc published this content on 05 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2022 08:32:07 UTC.