INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED

30 SEPTEMBER 2022

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED

RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER, 2022.

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 nine months ended 30 September, 2022 which was approved by the Board of Directors on 10th October, 2022.

Infinity Trust Mortgage Bank Plc

Statement of Comprehensive Income

For the Nine months ended 30 September,

2022

Jan - Sept

July - Sept

Jan - Sept

July - Sept

Jan - Dec

NOTES

2022

2022

2021

2021

2021

Unaudited

Unaudited

Unaudited

Unaudited

Audited

N

N

N

N

N

Turnover

1,458,564,849

549,358,171

1,235,574,108

450,097,818

1,757,732,718

Interest and similar income

1

1,208,480,275

422,389,963

949,397,552

347,957,028

1,396,029,018

Interest and similar expense

2

(279,789,679)

(95,398,763)

(177,650,519)

(65,504,135)

(257,038,682)

928,690,595

326,991,200

771,747,033

282,452,894

1,138,990,336

Net Fees and commission income

3

53,984,405

16,674,707

83,421,122

23,452,640

107,596,836

Net fee and commission income

53,984,405

30,531,765

83,421,122

23,452,640

107,596,836

Other operating income

4

196,100,169

110,293,501

201,098,451

77,031,168

254,106,864

Total operating income

-

-

1,178,775,169

453,959,408

1,056,266,606

382,936,701

1,500,694,036

Credit loss expense

5

(12,112,709)

-

(17,783,826)

-

(21,912,875)

Net operating income

1,166,662,460

453,959,408

1,038,482,780

382,936,701

1,478,781,162

Personnel expenses

6

220,989,505

77,331,349

210,553,635

74,494,466

224,860,281

Depreciation of property and equipment

16b

59,918,825

20,331,647

53,964,163

18,111,179

72,720,867

Amortisation of intangible assets

15b

6,903,214

2,499,377

5,270,704

1,970,837

7,417,150

Other operating expenses

7

326,112,743

125,313,401

285,599,488

92,477,894

516,856,781

Total operating expenses

613,924,286

225,475,773

555,387,990

187,054,376

821,855,080

Profit before tax

552,738,175

228,483,634

483,094,790

195,882,325

656,926,081

-

-

Income tax expense

(38,691,672)

(21,221,879)

(36,025,315)

(16,579,109)

(114,438,294)

-

-

-

Profit after Tax

514,046,503

207,261,756

447,069,475

179,303,216

542,487,788

Other Comprehensive Income

-

-

Total Comprehensive Income

1,899,999.99

514,046,503

207,261,756

447,069,475

179,303,216

544,387,788

Earnings per share - Basic (Kobo)

15.43

18.87

13.29

16.19

12.00

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

Nine Months Ended

Year Ended

As at 30 September 2022

NOTES

30 September

31 Dec

2022

2021

Unaudited

Audited

N

N

Assets

Cash and balances with Central Bank

9

142,301,929

143,539,661

Due from banks

10

977,196,858

2,185,708,254

Loans and advances to customers

11

11,807,810,171

9,912,951,997

Investment Securities

12

- FVOCI

375,499,998

375,499,998

- Held at amortised Cost

226,318,135

534,308,515

Other assets

13

460,618,215

252,427,626

Deferred tax assets

14

33,750,000

45,000,000

Intangible assets

15

26,461,080

24,144,293

Property and equipment

16

2,691,580,267

2,721,278,389

16,741,536,653

16,194,858,733

Non current assets held for sale

17

8,865,000

23,031,000

Total Assets

16,750,401,653

16,217,889,733

Liabilities

Due to customers

18

3,986,137,881

3,964,965,578

Debt issued and other borrowed funds

19

4,978,707,660

4,760,153,512

Current tax liabilities

20

30,084,979

72,753,800

Other liabilities

21

1,232,770,364

646,793,786

10,227,700,884

9,444,666,676

Total liabilities

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

835,217,888

835,217,888

Retained earnings

1,336,981,610

1,587,503,897

Revaluation reserve

204,597,313

204,597,313

Regulatory risk reserve

162,811,635

162,811,636

Fair Value Reserve

70,499,998

70,499,998

Total equity

6,522,700,769

6,773,223,057

Total liabilities and equity

16,750,401,653

16,217,889,733

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 10th October, 2022 and signed on its behalf by:

TOLU OSHO

SUNDAY OLUMORIN

COMPANY SECRETARY

MANAGING DIRECT0R/CEO

FRC/2017/NBA/00000016418

FRC/2022/PRO/DIR/003/787719

Also Signed by:

BUKOLA AFARIOGUN

CHIEF FINANCIAL OFFICER

FRC/2021/002/00000024781

Page 2

Infinity Trust Mortgage Bank Plc

Interim Financial Statements

Statement of Cash Flows

for the nine months ended 30 September, 2022

Jan - September

July - September

2022

2021

Unaudited

Unaudited

N

N

Profit before tax

552,738,175

483,094,790

Adjustment for non cash items

Depreciation of Property, Plant & Equipment

59,918,825

53,964,163

Amortisation of intangibles

6,903,214

5,270,704

Cashflow before changes in working capital

619,560,213

542,329,657

CHANGES IN WORKING CAPITAL

Decrease/(Increase) in Loans and Advances

(1,922,098,211)

(1,874,163,884)

Decrease/(Increase) in Other Assets

(208,190,590)

192,824,526

Decrease/(Increase) in Non Current Assets

(14,166,000)

-

(Decrease)/Increase in Deposits

21,172,303

886,845,883

(Decrease)/Increase in Other Liabilities

33,238,403

633,339,605

Tax Paid

(42,668,821)

(73,084,010)

Cash generated from operations

(2,132,712,916)

(234,237,880)

CASHFLOW FROM INVESTING ACTIVITIES

Purchase of Property, Plant and Equipment

29,698,122

(40,820,381)

Purchase of Intangible Assets

(2,316,786)

(13,848,182)

Purchase of financial Investments

307,990,380

(623,153,090)

Redemption of investments

-

703,422,432

335,371,715

25,600,779

CASHFLOW FROM FINANCING ACTIVITIES

(250,522,288)

(208,817,829)

Dividend Paid

Receipt of borrowed funds

218,554,148

668,802,938

Repayments on borrowed funds

-

(203,420,229)

(31,968,140)

256,564,880

Increase in cash and cash equivalent

(1,209,749,128)

590,257,436

Cash and cash equivalent as at beginning of period

2,329,247,915

848,386,903

Cash and cash equivalent as at end of period

1,119,498,787

1,438,644,339

Additional cash flow information

Cash and cash equivalent

Cash on hand (Note 16)

142,301,929

45,869,520

Balances with Banks within Nigeria

218,353,579

544,774,819

Placements with Banks

758,843,279

848,000,000

1,119,498,787

1,438,644,339

The deposits with the Central Bank of Nigeria is not available to finance the bank's day to day operations , however , is part of cash and cash equivalents for liquidity . (See Note 9)

3

INFINITY TRUST MORTGAGE BANK PLC

Statement of Changes in Equity

As at 30 September 2022

As at 30 September 2021

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 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

6,437,653,096

-

-

-

-

-

-

-

-

-

Dividend paid

-

-

-

-

(208,817,829)

-

-

-

(208,817,829)

At 30 September, 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

Issued

Share

Preference

Statutory

Retained

Revaluation

Regulatory

Fair Value

As at 30 September 2022

Capital

Premium

Shares

Reserves

Earnings

Reserves

Reserves

Reserves

Total equity

N

N

N

N

N

N

N

N

N

At 1 January 2022

2,085,222,860

1,227,369,465

600,000,000

835,217,888

1,587,503,898

204,597,313

162,811,635

70,499,998

6,773,223,057

-

-

-

-

-

-

-

-

-

Dividend paid

-

-

-

-

(250,522,288)

-

-

-

(250,522,288)

-

At 30 September, 2022

2,085,222,860

1,227,369,465

600,000,000

835,217,888

1,336,981,610

204,597,313

162,811,635

70,499,998

6,522,700,769

Page 4

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Infinity Trust Mortgage Bank plc published this content on 13 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2022 07:11:01 UTC.