INFINITY TRUST MORTGAGE BANK : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED

30 JUNE 2023

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

RESULTS FOR THE HALF YEAR ENDED 30 JUNE, 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 Half Year Ended 30 June, 2023 which was approved by the Board on 04 July, 2023.

Infinity Trust Mortgage Bank Plc
Statement of Comprehensive Income
for the Half Year ended 30 June, 2023		Jan - June		April - June		Jan - June	April - June	Jan - Dec
	NOTES	2023		2023	2022	2022	2022
		Unaudited		Unaudited		Unaudited	Unaudited	Audited
		N		N		N	N	N
Turnover		1,270,060,774		715,715,869		909,206,678	445,793,596	2,096,472,508
Interest and similar income	1	1,062,761,532		565,892,805	786,090,311	396,286,512	1,805,982,409
Interest and similar expense	2	(265,911,355)		(139,557,755)	(184,390,916)	(91,143,547)	(385,385,524)
		796,850,177		426,335,050		601,699,395	305,142,965	1,420,596,885
Net Fees and commission income	3	48,639,360		26,483,305	37,309,698	15,904,835	71,395,593
Net fee and commission income		48,639,360		26,483,305		37,309,698	15,904,835	71,395,593
Other operating income	4	158,659,882		123,339,759	85,806,668	33,602,249	219,094,506
				-			-
Total operating income		158,659,882		123,339,759		85,806,668	33,602,249	219,094,506
Credit loss gain (expense)	5	(14,998,800)		1,009,700	4,240,562	6,397,532.94	(18,093,143)
Net operating income		989,150,619		577,167,814		729,056,324	361,047,582	1,692,993,841
Personnel expenses	6	149,529,394		75,590,722	143,658,156	72,698,934	212,739,557
Depreciation of property and equipment	16b	40,698,322		20,420,453	39,587,177	20,227,743	80,269,781
Amortisation of intangible assets	15b	4,711,861		2,394,160	4,403,837	2,283,793	9,244,555
Other operating expenses	7	263,021,623		141,669,579	200,799,342	106,625,019	543,627,379
				-			-
Total operating expenses		457,961,199		240,074,913		388,448,512	201,835,489	845,881,272
Profit before tax		531,189,420		337,092,901	340,607,811	159,212,093	847,112,569
				-			-
Tax expense		(27,244,735)		(17,539,909)	(17,469,794)	(8,400,008)	(213,634,776)
				-			-
Profit after Tax		503,944,685		319,552,992		323,138,018	150,812,085	633,477,793
Other Comprehensive Income				-			-	-
Total Comprehensive Income
	503,944,685		319,552,992		323,138,018	150,812,085	633,477,793
Earnings per share - Basic (Kobo)		22.15		26.62		13.48	10.44	14.18

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

Page 1

INFINITY TRUST MORTGAGE BANK PLC
Statement of Financial Position		Half Year Ended		Half Year Ended		Year Ended
As at 30 June 2023	NOTES	30 June		30 June		31 Dec
		2023	2022	2022
		Unaudited		Unaudited		Audited
		N		N		N
Assets
Cash and balances with Central Bank	9	115,421,984	139,416,344	134,698,431
Due from banks	10	1,246,441,963	1,208,831,478	651,209,367
Loans and advances to customers	11	14,459,072,853	11,169,425,119	12,256,381,609
Investment Securities	12
- FVOCI		375,499,998	375,499,998	375,499,998
- Held at amortised Cost		166,546,261	228,426,190	231,097,485
Other assets	13	556,223,946	820,735,253	380,834,123
Deferred tax assets	14	22,500,000	37,500,000	30,000,000
Intangible assets	15	23,719,127	27,315,457	25,409,738
Property and equipment	16	2,657,888,045	2,710,711,039	2,679,951,395
		19,623,314,177		16,717,860,878		16,765,082,146
Non current assets held for sale	17	8,865,000	23,031,000	8,865,000
Total Assets		19,632,179,177		16,740,891,878		16,773,947,146
Liabilities
Due to customers	18	4,701,754,726	4,234,101,626	3,232,216,612
Debt issued and other borrowed funds	19	6,417,932,727	4,992,725,199	5,418,424,959
Current tax liabilities	20	158,022,817	12,613,100	130,778,082
Other liabilities	21	1,490,517,089	978,751,184	836,348,929
Total liabilities		12,768,227,358		10,218,191,109		9,617,768,582
Equity
Issued 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		1,501,214,134	1,336,981,610	1,793,440,878
Revaluation reserve		204,597,313	204,597,313	204,597,313
Regulatory risk reserve		213,134,602	162,811,635	213,134,603
Fair Value Reserve		70,499,998	70,499,998	70,499,998
Total Equity		6,863,951,819		6,522,700,769		7,156,178,564
Total liabilities and equity
	19,632,179,177		16,740,891,878		16,773,947,146

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 04 July,

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

Page 2

Infinity Trust Mortgage Bank Plc
Interim Financial Statements
Statement of Cash Flows
for the Half Year Ended 30 June, 2023	Half Year Ended		Half Year Ended
	30 June		30 June
	2023	2022
	N		N
Profit before tax	531,189,420		340,607,811
Adjustment for non cash items
Impairment on loans and advances	14,998,800	4,240,562
Depreciation of Property, Plant & Equipment	40,698,322	39,587,177
Amortisation of intangibles	4,711,861		4,403,837
Cashflow before changes in working capital	591,598,402	388,839,388
CHANGES IN WORKING CAPITAL
Decrease/(Increase) in Loans and Advances	(2,255,600,228)	(1,300,796,241)
Decrease/(Increase) in Others	(175,389,824)	(568,307,628)
(Decrease)/Increase in Deposits	1,469,538,114	265,227,589
(Decrease)/Increase in Other Liabilities	150,223,475	8,819,379
Tax Paid	-		(70,110,494)
Cash generated from operations	(811,228,463)	(1,665,167,394)
CASHFLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment	22,063,350	10,567,350
Purchase of Intangible Assets	1,690,611	(3,171,163)
Redemption of Investments	64,551,224		305,882,325
	88,305,185	313,278,511
CASHFLOW FROM FINANCING ACTIVITIES
Dividend Paid	(292,226,743)	(250,522,286)
Receipt of borrowed funds	1,200,497,858	376,995,000
Repayments on borrowed funds	(200,990,090)		(144,423,312)
	707,281,025		(17,950,598)
Increase/ (Decrease) in cash and cash equivalent	575,956,149	(981,000,093)
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	1,361,863,947	1,348,247,822
Additional cash flow information
Cash and cash equivalent
Cash on hand (Note 16)	19,274,540	43,268,900
Balances with Banks within Nigeria	96,147,444	446,053,397
Placements with Banks	1,246,441,963		858,925,525
	1,361,863,947		1,348,247,822

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

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 30 June , 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)						(208,522,287)
										(42,000,000)						(42,000,000)
																-
2,085,222,860		1,227,369,465		600,000,000		961,913,447		70,499,998		1,793,440,878		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		1,793,440,878		204,597,313		213,134,603		7,156,178,564
																-
																-
-		-		-												-
-		-		-												-
-		-		-												-
										(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		6,863,951,819

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