INFINITY TRUST MORTGAGE BANK : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS PERIOD ENDED

31 MARCH 2022

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH, 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 Three Months Ended 31 March, 2022 which was approved by the Board of Directors on April 4, 2022.

INFINITY TRUST MORTGAGE BANK PLC

Statement of Comprehensive Income	3 Months Ended	3 Months Ended	Year Ended
for the Three Months Ended 31 March,
2022	31 March	31 March	31 December
NOTES	2022	2021	2021
Unaudited	Unaudited	Audited
N	N	N
Turnover	463,413,082	382,968,276	1,757,732,718
Interest and similar income	1	389,803,799	286,924,992	1,396,029,018
Interest and similar expense	2	(93,247,369)	(44,870,703)	(257,038,682)
296,556,430	242,054,289	1,138,990,336
Fee and commission income	3	21,404,863	25,840,990	107,596,836
Fee and commission expense	-
Net fee and commission income	21,404,863	25,840,990	107,596,836
Other operating income	4	52,204,420	70,202,293	254,106,864
Total operating income	370,165,713	338,097,572	1,500,694,036
Credit loss expense	5	(2,156,971)	(6,250,000)	(21,912,875)
Net operating income	368,008,742	331,847,572	1,478,781,162
Personnel expenses	6	70,959,223	63,908,280	224,860,281
Depreciation of property and equipment	14b	19,359,434	17,863,126	72,720,867
Amortisation of intangible assets	15b	2,120,043	1,613,662	7,417,150
Other operating expenses	7	94,174,323	95,544,079	516,856,781
Total operating expenses	186,613,023	178,929,146	821,855,080
Profit before tax	181,395,719	152,918,426	656,926,081
Income tax expense	(9,069,786)	(7,645,921)	(114,438,294)
Profit after Tax	172,325,933	145,272,505	542,487,788
Other Comprehensive Income	-	-	1,899,999.99
Total Comprehensive Income	172,325,933	145,272,505	544,387,788
Earnings per share - Basic (Kobo)	15.52	12.93	12.00

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As at 31 March 2022	NOTES
Assets
Cash and balances with Central Bank	9
Due from banks	10
Loans and advances to customers	11
Investment Securities	12
- FVOCI
- Held at amortised Cost
Other assets	13
Property and equipment	14
Intangible assets	15
Deferred tax assets	16
Non current assets held for sale	17
Total Assets
Liabilities and Equity
Liabilities
Due to customers	18
Debt issued and other borrowed funds	19
Current tax liabilities	20
Other liabilities	22
Total liabilities
Equity
Issued share capital	22
Preference shares	23
Share premium
Statutory reserve
Revaluation reserve
Retained earnings
Fair value reserve	24
Regulatory risk reserve
Total equity
Total liabilities and equity

INFINITY TRUST MORTGAGE BANK PLC
Statement of Financial Position	3 Months Ended	Year Ended
31 March	31 December
2022	2021
Unaudited	Audited
N	N
136,523,499	143,539,661
1,881,902,672	2,185,708,254
10,658,180,376	9,912,951,997
375,499,998	375,499,998
231,827,524	534,308,515
505,035,295	252,427,626
2,711,434,132	2,721,278,389
22,024,250	24,144,293
41,250,000	45,000,000
16,563,677,747	16,194,858,733
23,031,000	23,031,000
16,586,708,740	16,217,889,733
4,125,894,780	3,964,965,578
4,890,830,569	4,760,153,512
78,073,586	72,753,800
718,686,748	646,793,788
9,813,485,685	9,444,666,679
2,085,222,860	2,085,222,860
600,000,000	600,000,000
1,227,369,465	1,227,369,465
835,217,888	835,217,888
204,597,313	204,597,313
1,587,503,897	1,587,503,897
70,499,998	70,499,998
162,811,636	162,811,636
6,773,223,057	6,773,223,057
16,586,708,740	16,217,889,736

The interim and abridged financial statements were approved by the Board of Directors on 4th April, 2022 and signed on its behalf by:

TOLU OSHO

COMPANY SECRETARY FRC/2017/NBA/00000016418

Also signed by:

BUKOLA AFARIOGUN Ag-Chief Financial Officer FRC/2021/002/00000024781

ABIODUN AKANBI

Group Head Strategy ,Risk & Corporate Service FRC/2016/009/00000015259

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INFINITY TRUST MORTGAGE BANK PLC Statement of Changes in Equity

As at 31 March 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	6,437,653,098
Transferred from P & L A/c	-	-	-	-	-	-	-	-	-
Transferred to Statutory Reserve	-	-	-	-	-	-	-	-	-
Transferred to Non Distributable Reserve	-	-	-	-	-	-	-	-	-
Fair Value Reseves	-	-	-	-	-	-	-	-	-
At 31 March, 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
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 2022	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
Transfer to retained earnings	-	-	-	-	-	-	-	-	-
Transfer (Statutory)	-	-	-	-	-	-	-	-	-
Transfer (Regulatory Risk)	-	-	-	-	-	-	-	-	-
-
At 31 March, 2022	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
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for the Quarter Ended 31 March, 2022	3 Months Ended	3 Months Ended
31 March	31 March
2022	2021
N	N
Profit before tax	181,395,719	152,918,426
Adjustment for non cash items
Impairment on loans and advances	2,156,971	6,250,000
Depreciation of Property, Plant & Equipment	19,359,434	17,863,126
Amortisation of intangibles	2,120,043	1,613,662
Cashflow before changes in working capital	205,032,168	178,645,213
CHANGES IN WORKING CAPITAL
Decrease/(Increase) in Loans and Advances	(745,228,378)	(588,219,508)
Decrease/(Increase) in Others	(448,570,046)	59,912,075
Decrease/(Increase) in Non Current Assets	-	-
(Decrease)/Increase in Deposits	160,929,202	850,844,600
(Decrease)/Increase in Other Liabilities	71,892,960	164,314,071
Tax Paid	-	-
Cash generated from operations	(960,976,262)	486,851,238
CASHFLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment	9,844,257	(21,737,460)
Purchase of Intangible Assets	2,120,043	(19,015,871)
Purchase of Investments	-	(619,173,532)
Redemption of Investments	302,480,991	300,000,000
314,445,292	(359,926,863)
CASHFLOW FROM FINANCING ACTIVITIES
Dividend Paid	-	-
Receipt of borrowed funds	199,419,998	73,600,000
Repayments on borrowed funds	(68,742,940)	(56,860,000)
130,677,058	16,740,000
Increase/ (Decrease) in cash and cash equivalent	(310,821,745)	322,309,588
Cash and cash equivalent as at beginning of period	2,329,247,915	1,613,838,734
Cash and cash equivalent as at end of period	2,018,426,170	1,936,148,322
Additional cash flow information
Cash and cash equivalent
Cash on hand (Note 16)	40,376,055	41,076,715
Balances with Banks within Nigeria	610,886,399	1,348,000,000
Placements with Banks	1,367,163,717	547,071,607
2,018,426,170	1,936,148,322
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 16)

Infinity Trust Mortgage Bank Plc Interim Financial Statements Statement of Cash Flows

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