INFINITY TRUST MORTGAGE BANK : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED

31 DECEMBER 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 12 months ended 31 December, 2022 which was approved by the Board of Directors

Infinity Trust Mortgage Bank Plc
Statement of Comprehensive Income
For the Nine months ended 31 December,
2022		Jan - Dec		Oct - Dec		Jan - Dec		Oct - Dec
	NOTES	2022		2022	2021	2021
		Unaudited		Unaudited		Audited		Unaudited
		N		N		N		N
Turnover		2,096,472,508		637,907,659		1,757,732,718		455,468,807
Interest and similar income	1	1,805,982,409		597,502,135	1,396,029,018	379,941,663
Interest and similar expense	2	(385,385,524)		(105,595,844)	(257,038,682)	(79,388,162)
		1,420,596,886		491,906,291		1,138,990,336		300,553,501
Net Fees and commission income	3	71,395,593		17,411,188	107,596,836	24,175,714
							(1,656,983)
Net fee and commission income		71,395,593		17,411,188		107,596,836		22,518,731
Other operating income	4	219,094,506		22,994,336	254,106,864	53,008,412
							-
Total operating income		1,711,086,984		532,311,815		1,500,694,036	376,080,645
Credit loss expense	5	(18,093,143)		(5,980,434)	(21,912,875)	(4,129,049)
Net operating income		1,692,993,841		526,331,381		1,478,781,162	371,951,596
Personnel expenses	6	212,739,557		(8,249,948)	224,860,281	101,172,820
Depreciation of property and equipment	16b	80,269,781		20,350,956	72,720,867	13,486,000
Amortisation of intangible assets	15b	9,244,555		2,341,342	7,417,150	7,417,150
Other operating expenses	7	543,627,379		217,514,637	516,856,781	136,541,587
Total operating expenses		845,881,272		231,956,987		821,855,080	258,617,557
Profit before tax		847,112,569		294,374,394	656,926,081	113,334,039
				-			-
Income tax expense		(213,634,776)		(174,943,103)	(114,438,294)	(7,882,630)
				-			-
Profit after Tax		633,477,793		119,431,290		542,487,788	105,451,409
Other Comprehensive Income				-	1,900,000.09	-
Total Comprehensive Income
	633,477,793		119,431,290		544,387,788		105,451,409
Earnings per share - Basic (Kobo)		14.18		7.43	12.00	6.09

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				Year Ended
	Nine Months Ended
As at 30 December, 2022	NOTES	30 Dec		31 Dec
		2022	2021
		Unaudited		Audited
		N		N
Assets
Cash and balances with Central Bank	9	134,698,431	143,539,661
Due from banks	10	651,209,367	2,185,708,254
Loans and advances to customers	11	12,256,381,609	9,912,951,997
Investment Securities	12
- FVOCI		375,499,998	375,499,998
- Held at amortised Cost		231,097,485	534,308,515
Other assets	13	380,834,123	252,427,626
Deferred tax assets	14	30,000,000	45,000,000
Intangible assets	15	25,409,738	24,144,293
Property and equipment	16	2,679,951,395	2,721,278,389
		16,765,082,146		16,194,858,733
Non current assets held for sale	17	8,865,000	23,031,000
Total Assets		16,773,947,146		16,217,889,733
Liabilities
Due to customers	18	3,232,216,612	3,964,965,578
Debt issued and other borrowed funds	19	5,418,424,959	4,760,153,512
Current tax liabilities	20	130,778,082	72,753,800
Other liabilities	21	1,469,826,724	646,793,786
		10,251,246,377		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
	16,773,947,146		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 Jan, 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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Infinity Trust Mortgage Bank Plc
2022 Annual Report and Accounts
Statement of Cash Flows
For the Year Ended 31 December, 2022
	NOTES	31 December			31 December
		2022	2021
		N			N
Profit before tax		847,112,569			656,926,081
Adjustment for non cash items
Impairment on loans and advances	9	18,093,143	21,912,875
Depreciation of Property, Plant & Equipment	21	80,269,781	72,720,867
Amortisation of intangibles	22	9,244,555	7,417,150
Cashflow before changes in working capital		954,720,048	758,976,974
CHANGES IN WORKING CAPITAL
Decrease/(Increase) in Loans and Advances	18	(2,361,522,755)	(2,816,583,238)
Decrease/(Increase) in Other Assets	20	(128,406,497)	322,760,971
Decrease/(Increase) Non Current Assets for sale		14,166,000	-
(Decrease)/Increase in Deposits	25	(732,748,966)	199,217,176
(Decrease)/Increase Other Liabilities		119,055,142	237,893,274
Tax Paid	27	(70,110,494)	(74,993,188)
Cash generated from operations		(3,159,567,569)	(2,131,705,005)
CASHFLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment	21	(38,942,786)	(121,743,819)
Purchase of Intangible Assets	22	(10,510,000)	(12,607,634)
Purchase of Treasury Bills & Bond/Placement	19b	(2,550,000,000)	(1,045,038,409)
Redemption of Investments		2,853,211,029	1,340,361,139
Cash flow from investing activities		253,758,243	160,971,276
CASHFLOW FROM FINANCING ACTIVITIES
Dividend Paid	14	(250,522,286)	(208,817,829)
Receipt of borrowed funds	26	964,395,000	2,217,430,252
Repayments and refunds on borrowed funds	25	(306,123,553)	(139,446,486)
Casflow from financing activities		407,749,161	1,869,165,937
Increase /(decrease) in cash and cash equivalent		(1,543,340,118)	657,409,182
Cash and cash equivalent as at beginning of period		2,329,247,915	1,671,838,734
Cash and cash equivalent as at end of period		785,907,798	2,329,247,915
Additional cash flow information
Cash and cash equivalent
Cash on hand	16	134,698,431	143,539,661
Balances with Banks within Nigeria	17	183,268,882	203,948,921
Placements with Banks	17	467,940,485	1,981,759,333
		785,907,798	2,329,247,915

3

INFINITY TRUST MORTGAGE BANK PLC

Statement of Changes in Equity

As at 31 December, 2022

As at 30 December 2021

At 1 January 2021

Transfer( Retained earning ) Transfer (Statutory) Dividend paid

Transfer (Regulatory Risk) Fair Value Gain/Loss

At 31 December, 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
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
-	-	-	-	-	-	-	-	-
				542,487,788				542,487,788
-	-	-	108,497,558	(108,497,558)				-
-	-	-	-	(208,817,829)	-	-	-	(208,817,829)
-	-	-		(85,834,666)		85,834,666		-
							1900000	1,900,000
								-
2,085,222,860	1,227,369,465	600,000,000	835,217,889	1,587,503,898	204,597,313	162,811,636	70,499,998	6,773,223,057

As at 30 December, 2022

At 1 January 2022

Dividend paid

At 30 December, 2022

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
2,085,222,860	1,227,369,465	600,000,000	835,217,888	1,587,503,897	204,597,313	162,811,636	70,499,998	6,773,223,057
-	-	-	-	-	-	-	-	-
-	-	-	-	(250,522,288)	-	-	-	(250,522,288)
								-
2,085,222,860	1,227,369,465	600,000,000	835,217,888	1,336,981,609	204,597,313	162,811,636	70,499,998	6,522,700,769

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