INFINITY TRUST MORTGAGE BANK : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED

30 SEPTEMBER 2023

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

RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER, 2023.

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, 2023 which was approved by the Board of Directors on 10th October, 2023.

Infinity Trust Mortgage Bank Plc
Statement of Comprehensive Income
For the Nine months ended 30 September,
2023		Jan - Sept		July - Sept		Jan - Sept		July - Sept	Jan - Dec
	NOTES	2023		2023	2022	2022	2022
		Unaudited		Unaudited		Unaudited		Unaudited	Audited
		N		N		N		N	N
Turnover		1,956,178,874		686,118,101		1,458,564,849		549,358,171	2,096,472,508
Interest and similar income	1	1,683,805,254		621,043,723	1,208,480,275	422,389,963	1,805,982,409
Interest and similar expense	2	(432,554,337)		(166,642,983)	(279,789,679)	(95,398,763)	(385,385,524)
		1,251,250,917		454,400,740		928,690,595		326,991,200	1,420,596,885
Net Fees and commission income	3	70,893,164		22,253,803	53,984,405	16,674,707	71,395,593
Net fee and commission income		70,893,164		22,253,803		53,984,405		16,674,707	71,395,593
Other operating income	4	201,480,456		42,820,574	196,100,169	110,293,501	219,094,506
Total operating income				-			-
	1,523,624,537		519,475,118		1,178,775,169	453,959,408	219,094,506
Credit loss expense	5	(16,798,800)		(1,800,000)	(12,112,709)	-	(18,093,143)
Net operating income		1,506,825,737		517,675,118		1,166,662,460	453,959,408	1,692,993,841
Personnel expenses	6	241,196,919		91,667,525	220,989,505	77,331,349	212,739,557
Depreciation of property and equipment	16b	53,155,501		12,457,179	59,918,825	20,331,647	80,269,781
Amortisation of intangible assets	15b	7,088,521		2,376,660	6,903,214	2,499,377	9,244,555
Other operating expenses	7	391,863,510		128,841,887	326,112,743	125,313,401	543,627,379
Total operating expenses		693,304,451		235,343,252		613,924,286		225,475,773	845,881,272
Profit before tax		813,521,286		282,331,866	552,738,175	228,483,634	847,112,569
Income tax expense		(31,946,490)		(4,701,755)	(38,691,672)	(21,221,879)	(213,634,776)
							-
Profit after Tax		781,574,796		277,630,111		514,046,503		207,261,756	633,477,793
Other Comprehensive Income
Total Comprehensive Income
	781,574,796		277,630,111		514,046,503		207,261,756	633,477,793
Earnings per share - Basic (Kobo)		23.98		25.62	15.43	18.87	14.18

The notes on pages 5 to 7 are an integral part of these financial statements.

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INFINITY TRUST MORTGAGE BANK PLC
Statement of Financial Position		Nine Months Ended		Nine Months Ended
As at 30 September 2023	NOTES	30 September		30 September
		2023	2022
		Unaudited		Unaudited
		N		N
Assets
Cash and balances with Central Bank	9	123,161,834	142,301,929
Due from banks	10	1,285,044,891	977,196,858
Loans and advances to customers	11	14,777,768,169	11,807,810,171
Investment Securities	12
- FVOCI		375,499,998	375,499,998
- Held at amortised Cost		166,990,497	226,318,135
Other assets	13	599,895,191	460,618,215
Deferred tax assets	14	18,750,000	33,750,000
Intangible assets	15	21,342,467	26,461,080
Property and equipment	16	2,659,924,028	2,691,580,267
		20,028,377,075		16,741,536,653
Non current assets held for sale	17	-	8,865,000
Total Assets		20,028,377,075		16,750,401,653
Liabilities
Due to customers	18	4,070,224,765	3,986,137,881
Debt issued and other borrowed funds	19	7,222,481,397	4,978,707,660
Current tax liabilities	20	43,995,808	30,084,979
Other liabilities	21	1,827,723,286	1,232,770,364
		13,164,425,256		10,227,700,884
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		961,913,447	835,217,888
Retained earnings		1,501,214,134	1,336,981,610
Revaluation reserve		204,597,313	204,597,313
Regulatory risk reserve		213,134,602	162,811,635
Fair Value Reserve		70,499,998	70,499,998
Total equity		6,863,951,819		6,522,700,769
Total liabilities and equity
	20,028,377,075		16,750,401,653

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, 2023 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

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STATEMENT OF CHANGES IN EQUITY

At 1 January, 2022

Transfer to retained earnings Transfer to statutory reserve Transfer to regulatory Risk reserve

Transfer to fair value reserve Ordinary Dividend Paid Preference Dividend Paid

At 31 December, 2022

At 1 January 2023

Fair Value (IFRS-13) Transfer to statutory reserve Transfer to regulatory Risk Ordinary Dividend Paid_Proposed Preference Dividend Paid_Proposed

At 30 September , 2023

Dividend

Issued		Share		Preference		Statutory		Fair Value		Retained		Revaluation	Regulatory
Capital		Premium		Shares		Reserves		Reserves		Earnings		Reserves	Reserves		Total equity
N		N		N		N		N		N		N	N
2,085,222,860		1,227,369,465		600,000,000		835,217,888		70,499,998		1,587,503,897		204,597,313	162,811,636		6,773,223,057
-		-		-						633,477,793					633,477,793
						126,695,559				(126,695,559)					-
										(50,322,967)			50,322,967		-
															-
										(208,522,286)					(208,522,287)
										(42,000,000)					(42,000,000)
															-
2,085,222,860		1,227,369,465		600,000,000		961,913,447		70,499,998		1,793,440,879		204,597,313	213,134,603		7,156,178,564
Issued		Share		Preference		Statutory		Fair Value		Retained		Revaluation	Regulatory
Capital		Premium		Shares		Reserves		Reserves		Earnings		Reserves	Reserves		Total equity
N		N		N		N		N		N		N	N
2,085,222,860		1,227,369,465		600,000,000		961,913,447		70,499,998		1,793,440,879		204,597,313	213,134,603		7,156,178,565
															-
-		-		-											-
-		-		-											-
										(250,226,743)					(250,226,745)
										(42,000,000)					(42,000,000)
															-
2,085,222,860		1,227,369,465		600,000,000		961,913,446		70,499,998		1,501,214,135		204,597,313	213,134,602		6,863,951,820

The Bank paid 6k dividend for Ordinary Shareholder and 7k for Preference Shareholder. 250.2million for Ordinary Shareholder and 42million for Preference shareholders. The amount has been deducted from retain earning to Proposed dividend ( Note 8)

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Infinity Trust Mortgage Bank Plc

Interim Financial Statements

Statement of Cash Flows

for the nine months ended 30 September, 2023	Jan - September		Jan - September
	2023		2022
	Unaudited		Unaudited
	N		N
Profit before tax	813,521,286		552,738,175
Adjustment for non cash items
Depreciation of Property, Plant & Equipment	53,155,501		59,918,825
Amortisation of intangibles	7,088,521		6,903,214
Cashflow before changes in working capital	873,765,308		619,560,213
CHANGES IN WORKING CAPITAL
Decrease/(Increase) in Loans and Advances	(2,570,380,583)		(1,922,098,211)
Decrease/(Increase) in Other Assets	(219,061,068)		(208,190,590)
Decrease/(Increase) in Non Current Assets	8,865,000		(14,166,000)
(Decrease)/Increase in Deposits	838,008,153		21,172,303
(Decrease)/Increase in Other Liabilities	209,799,561		33,238,403
Tax Paid	(118,728,764)		(42,668,821)
Cash generated from operations	(1,851,497,701)		(2,132,712,916)
CASHFLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment	20,027,367		29,698,122
Purchase of Intangible Assets	4,067,271		(2,316,786)
Purchase of financial Investments	64,106,988		307,990,380
Redemption of investments	-		-
	88,201,626		335,371,715
CASHFLOW FROM FINANCING ACTIVITIES	(292,226,743)		(250,522,288)
Dividend Paid
Receipt of borrowed funds	2,231,500,000		218,554,148
Repayments on borrowed funds	(427,443,562)		-
	1,511,829,695		(31,968,140)
Increase in cash and cash equivalent	622,298,928		(1,209,749,128)
Cash and cash equivalent as at beginning of period	785,907,798		2,329,247,915
Cash and cash equivalent as at end of period	1,408,206,725		1,119,498,787
Additional cash flow information
Cash and cash equivalent
Cash on hand (Note 16)	123,161,834		142,301,929
Balances with Banks within Nigeria	253,333,666		218,353,579
Placements with Banks	1,031,711,226		758,843,279
	1,408,206,725		1,119,498,787

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)

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