INFINITY TRUST MORTGAGE BANK : AUDITED FINANCIAL STATEMENT FOR 2021

RC 226959

INFINITY TRUST MORTGAGE BANK PLC

2021 ANNUAL REPORT & ACCOUNTS

OUR VISION

To be the ideal customer focused bank.

OUR MISSION

To be the role model for mortgage business through excellent customer service, leveraging the best in technology, abiding ethical and professional standards while creating shelter and wealth for all our stakeholders

TABLE OF CONTENTS

PAGE
Notice of Annual General Meeting	3
OVERVIEW
Financial Highlights & Performance	5
Professional Advisers	8
Board of Directors	9

3

REPORTS OF THE BOARD AND MANAGEMENT
Directors report	16
Chairman's Statement	24
Managing Directors/CEO Review	30
OTHER STATUTORY REPORTS
Sustainability Report	36
Corporate Governance	66
Report of the Independent Consultant on Board Evaluation and Corporate Governance	79
Directors responsibility	81
Report of the Independent Auditors	82
Report of the Audit Committee	87
Certification Pursuant	88
FINANCIAL STATEMENTS
Statement of Comprehensive Income	90
Statement of Financial Position	96
Statement of Changes in Equity	97
Statement of Cash Flows	98
Statement of Prudential Adjustments	99
Notes to the Financial Statements
Significant Accounting Judgments, Estimates and Assumptions	100
Other Supporting Notes to the Financial Statements	129
Fair Value Disclosures	140
Risk Management Disclosures	142
Other Disclosures
Legal, Contingents & Capital Commitments Disclosures	190
Related Party (Insiders)	198
Capital Management	199
Maturity Profile of Assets and Liabilities	200
Interest Rate Risk	203
OTHER NATIONAL DISCLOSURES
Employees Information	204
Contraventions and Customer Complaints Data	204
Value Added Statement	205
Five Years Financial Summary	206
CORPORATE INFORMATION
Awards	207
Management Team	209
Product Information	210
Locations Information	218
SHAREHOLDER INFORMATION
Proxy Form	216
Admission Card	217

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the Annual General Meeting of Infinity Trust Mortgage Bank Plc will hold as follows:

Date:

12th May, 2022

Venue: 4th Floor, Infinity House, 11 Kaura Namoda Street, Area 3, Abuja

Time:

10.00 am prompt

The following businesses will be transacted at the meeting:

AGENDA

Ordinary Business

• 1. To receive and consider the Audited Financial Statements for the year ended 31 December, 2021 together with the Report of the Directors, Auditors, and the Audit Committee thereon.

• 2. To declare dividend

• 3. To re-appoint Messrs Aminu Ibrahim & Co. as Auditors

• 4. To authorize the Directors to fix the remuneration of the Auditors.

• 5. To elect members of the Audit Committee

• 6. To elect/re-elect Directors

Special Business

1. To fix the Directors' fees for the year ending 31 December, 2022.

Notes:

1. Proxy

The person entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his/her stead. A proxy need not be a member of the company. A proxy form is attached to the notice of the meeting posted to the Shareholders. To be valid, the proxy form must be duly signed by the Shareholders and stamped at the Stamp Duties office and returned to the Registrars/Company's Secretary not less than 48 hours before the date and time scheduled for the meeting.

2.

Audit Committee

In accordance with Section 359 (5) of The Companies and Allied Matters Act CAP C20 LFN 2004, any member may nominate a Shareholder for election as a member of the Audit Committee by giving notice in writing of such nomination to the Company Secretary at least 21 days before the Annual General Meeting.

The Central Bank of Nigeria's Code of Corporate Governance has indicated that some members of the Audit Committee should be knowledgeable in internal control processes. We would therefore request that nominations be accompanied by a copy

of the nominee's Curriculum Vitae.

3. Dividend

If approved, dividend of 5k per share is payable to shareholders whose names are registered in the register of members as at close of business on 23rd April, 2022. Dividend warrant will be posted on 24th May, 2022.

If approved, dividend of 7k per share is payable to Preference Shareholders whose names are registered in the register of members at close of business on 23rd of April, 2021. Dividend warrant will be posted on 24th May, 2022.

4.

Closure of Register of Members

The Register of members and transfer books will be closed on 23rd April, 2022.

By order of the Board

Tolu Osho (Mrs.)

FRC/2017/NBA/00000016418

Company Secretary

11, Kaura Namoda Street Area 3, Garki, Abuja