INFINITY TRUST MORTGAGE BANK : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

RC 226959

INFINITY TRUST MORTGAGE BANK PLC

2022 ANNUAL REPORT & ACCOUNTS

DECEMBER 31, 2022

INFINITY TRUST MORTGAGE BANK LC 2022 ANNUAL REPORT AND 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

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INFINITY TRUST MORTGAGE BANK PLC 2022 ANNUAL REPORT & ACCOUNTS

TABLE OF CONTENTS

	PAGE
Notice of Annual General Meeting	3
OVERVIEW
Financial Highlights & Performance	5
Professional Advisers	8
Board of Directors	9
REPORTS OF THE BOARD AND MANAGEMENT
Directors report	15
Chairman's Statement	23
Managing Directors/CEO Review	29
OTHER STATUTORY REPORTS
Sustainability Report	35
Corporate Governance	65
Report of the Independent Consultant on Board Evaluation and Corporate Governance	78
Directors responsibility	81
Report of the Independent Auditors	82
Report of the Audit Committee	87
Certification Pursuant	90
FINANCIAL STATEMENTS
Statement of Comprehensive Income	90
Statement of Financial Position	92
Statement of Changes in Equity	93
Statement of Cash Flows	94
Statement of Prudential Adjustments	95
Notes to the Financial Statements
Significant Accounting Judgments, Estimates and Assumptions	96
Other Supporting Notes to the Financial Statements	125
Fair Value Disclosures	137
Risk Management Disclosures	139
Other Disclosures
Legal, Contingents & Capital Commitments Disclosures	191
Related Party (Insiders)	192
Capital Management	193
Maturity Profile of Assets and Liabilities	179
Interest Rate Risk	183
Currency Risk	183
OTHER NATIONAL DISCLOSURES
Employees Information	194
Contraventions and Customer Complaints Data	194
Value Added Statement	195
Five Years Financial Summary	196
CORPORATE INFORMATION
Corporate Social Responsibility	197
Awards	197
Management Team	199
Product Information	200
Locations Information	206
SHAREHOLDER INFORMATION
Proxy Form	207
Admission Card	208

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INFINITY TRUST MORTGAGE BANK PLC 2022 ANNUAL REPORT AND ACCOUNTS

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: 4th May, 2023

Venue: 11th 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, 2022 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
7. 1. Appointment of New Directors
   2. Directors Seeking for Re-election

Special Business

1. To fix the Directors' fees for the year ending 31 December, 2022.
   To consider and if thought fit pass the under listed as a resolution of the company.
2. That the Board of Directors be and is hereby authorized to undertake as it deems appropriate and in accordance with applicable laws, any actions, business combinations or transactions, including but not limited to investment, acquisition, restructuring, capital raising, expansion or business arrangement required to secure a competitive advantage for the Company".

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. Right of Shareholder to Ask question

Shareholders of the Bank have the right and may ask questions on the proceeding of the meeting or may send such questions in writing prior to the meeting.

3. Audit Committee

In accordance with Section 404 (6) of The Companies and Allied Matters Act CAP C20 LFN 2020, 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.

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INFINITY TRUST MORTGAGE BANK PLC 2022 ANNUAL REPORT AND ACCOUNTS

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.

4. Dividend

If approved, dividend of 6k per share is payable to shareholders whose names are registered in the register of members as at close of business on 14TH April, 2023. Dividend warrant will be posted on 08th May, 2023.

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 14TH of April, 2023. Dividend warrant will be posted on 08th May, 2023.

5. Closure of Register of Members

The Register of members and transfer books will be closed from 17th April to 21st April, 2023

By order of the Board

Tolu Osho (Mrs.)

FRC/2017/NBA/00000016418

Company Secretary

11, Kaura Namoda Street

Area 3, Garki, Abuja

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