INFINITY TRUST MORTGAGE BANK : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS PERIOD ENDED

31 MARCH 2023

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH, 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 Three Months Ended 31 March, 2023 which was approved by the Board of Directors on April 4, 2023.

INFINITY TRUST MORTGAGE BANK PLC
Statement of Comprehensive Income	3 Months Ended		3 Months Ended		Year Ended
for the Three Months Ended 31 March,
2023		31 March		31 March		31 December
	NOTES	2023	2022	2022
		Unaudited		Unaudited		Audited
		N		N		N
Turnover		554,344,905		463,413,082		2,096,472,508
Interest and similar income	1	496,868,727	389,803,799	1,805,982,409
Interest and similar expense	2	(126,353,600)	(93,247,369)	(385,385,524)
		370,515,127		296,556,430		1,420,596,886
Fee and commission income	3	22,156,055	21,404,863	71,395,593
Fee and commission expense		-	-
Net fee and commission income		22,156,055		21,404,863		71,395,593
Other operating income	4	35,320,123	52,204,420	219,094,506
Total operating income
	427,991,305		370,165,713		1,711,086,984
Credit loss expense	5	(16,008,500)	(2,156,971)	(18,093,143)
Net operating income		411,982,805		368,008,742		1,692,993,841
Personnel expenses	6	73,938,672	70,959,223	212,739,557
Depreciation of property and
equipment	14b	20,277,869	19,359,434	80,269,781
Amortisation of intangible assets	15b	2,317,701	2,120,043	9,244,555
Other operating expenses	7	121,352,044	94,174,323	543,627,379
Total operating expenses		217,886,286		186,613,023		845,881,272
Profit before tax		194,096,519	181,395,719	847,112,569
Income tax expense		(9,704,826)	(9,069,786)	(213,634,776)
Profit after Tax		184,391,693		172,325,933		633,477,793
Other Comprehensive Income		-	-
Total Comprehensive Income
	184,391,693		172,325,933		633,477,793
Earnings per share - Basic (Kobo)		16.68	15.52	14.18

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INFINITY TRUST MORTGAGE BANK PLC
Statement of Financial Position		3 Months Ended		3 Months Ended		Year Ended
As at 31 March 2023	NOTES	31 March		31 March		31 December
		2023	2022	2022
		Unaudited		Unaudited		Audited
		N		N		N
Assets
Cash and balances with Central Bank	9	101,047,544	136,523,499	134,698,431
Due from banks	10	1,234,832,474	1,881,902,672	651,209,367
Loans and advances to customers	11	13,149,405,700	10,658,180,376	12,256,381,609
Investment Securities	12
- FVOCI		375,499,998	375,499,998	375,499,998
- Held at amortised Cost		222,102,026	231,827,524	231,097,485
Other assets	13	466,423,897	505,035,295	380,834,123
Property and equipment	14	2,676,646,377	2,711,434,132	2,679,951,395
Intangible assets	15	25,468,286	22,024,250	25,409,738
Deferred tax assets	16	26,250,000	41,250,000	30,000,000
		18,277,676,302		16,563,677,747		16,765,082,146
Non current assets held for sale	17	8,865,000	23,031,000	8,865,000
Total Assets		18,286,541,302		16,586,708,740		16,773,947,146
Liabilities and Equity
Liabilities
Due to customers	18	3,991,575,361	4,125,894,780	3,232,216,612
Debt issued and other borrowed funds	19	5,957,275,233	4,890,830,569	5,418,424,959
Current tax liabilities	20	136,732,907	78,073,586	130,778,082
Other liabilities	22	1,337,005,980	718,686,748	836,348,929
		11,422,589,481		9,813,485,685		9,617,768,582
Total liabilities
Equity
Issued ordinary share capital	22	2,085,222,860	2,085,222,860	2,085,222,860
Preference Shares	23	600,000,000	600,000,000	600,000,000
Share premium		1,227,369,465	1,227,369,465	1,227,369,465
Statutory reserve		961,913,447	835,217,888	961,913,447
Retained earnings		1,501,214,135	1,587,503,897	1,793,440,878
Revaluation Reserve		204,597,313	204,597,313	204,597,313
Fair Value Reserve	24	70,499,998	70,499,998	70,499,998
Regulatory Risk Reserve		213,134,603	162,811,636	213,134,603
Total equity		6,863,951,821		6,773,223,057		7,156,178,564
Total liabilities and equity
	18,286,541,302		16,586,708,740		16,773,947,146

-

The interim and abridged financial statements were approved by the Board of Directors on 4th April, 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

Ag-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 retained earnings Transfer to statutory reserve Transfer to regulatory Risk Ordinary Dividend Paid_Proposed Preference Dividend Paid_Proposed

At 31 March , 2023

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)						(208,522,286)
										(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		7,156,178,565
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)						(250,226,743)
										(42,000,000)						(42,000,000)
																-
2,085,222,860		1,227,369,465		600,000,000		961,913,447		70,499,998		1,501,214,135		204,597,313		213,134,603		6,863,951,821

Dividend

The Bank proposed 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 Quarter Ended 31 March, 2023

Profit before tax

Adjustment for non cash items Impairment on loans and advances Depreciation of Property, Plant & Equipment Amortisation of intangibles

Cashflow before changes in working capital

CHANGES IN WORKING CAPITAL

Decrease/(Increase) in Loans and Advances

Decrease/(Increase) in Others

Decrease/(Increase) in Non Current Assets

(Decrease)/Increase in Deposits

(Decrease)/Increase in Other Liabilities

Tax Paid

Cash generated from operations

CASHFLOW FROM INVESTING ACTIVITIES

Purchase of Property, Plant and Equipment

Purchase of Intangible Assets

Purchase of Investments

Redemption of Investments

CASHFLOW FROM FINANCING ACTIVITIES

Dividend Paid

Receipt of borrowed funds

Repayments on borrowed funds

Increase/ (Decrease) in cash and cash equivalent Cash and cash equivalent as at beginning of period Cash and cash equivalent as at end of period

Additional cash flow information

Cash and cash equivalent

Cash on hand (Note 16)

Balances with Banks within Nigeria

Placements with Banks

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)

3 Months Ended	3 Months Ended
31 March	31 March
2023	2022
N	N
194,096,519	181,395,719
16,008,500	2,156,971
20,277,869	19,359,434
2,317,701	2,120,043
232,700,589	205,032,168
(931,628,162)	(749,542,320)
(85,589,774)	(448,354,349)
-	-
759,358,749	160,929,202
18,083,789	75,991,205
-	-
(239,775,398)	(960,976,262)
3,305,018	9,844,257
(58,548)	2,120,043
-	-
8,995,459	302,480,991
12,241,929	314,445,292
-	-
538,850,274	199,419,998
	(68,742,940)
538,850,274	130,677,058
544,017,395	(310,821,745)
785,907,798	2,329,247,915
1,329,925,193	2,018,426,170
4,900,100	40,376,055
206,838,473	610,886,399
1,124,141,445	1,367,163,717
1,335,880,018	2,018,426,170

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