INFINITY TRUST MORTGAGE BANK : QUARTER 2 - FINANCIAL STATEMENT FOR 2022

INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED

30 JUNE 2021

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE, 2021.

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, 2021 which was approved by the Board on 04 July, 2021.

Infinity Trust Mortgage Bank Plc
Statement of Comprehensive Income
for the half year ended 30 June, 2021		Jan - June		April - June		Jan - June		April - June
	NOTES	2021		2021	2020	2020
		Unaudited		Unaudited		Unaudited		Unaudited
		N		N		N		N
Turnover		785,476,290		402,508,015		581,762,123		265,593,677
Interest and similar income	1	601,440,524		314,515,532	468,177,013	232,553,126
Interest and similar expense	2	(112,146,385)		(67,275,682)	(101,428,174)	(48,634,034)
		489,294,139		247,239,850		366,748,839		183,919,092
Net Fees and commission income	3	59,968,482		34,127,492	34,438,770	12,738,005
Net fee and commission income		59,968,482		34,127,492		34,438,770		12,738,005
Other operating income	4	124,067,284		53,864,991	79,146,339	20,302,545
Total operating income				-			-
	673,329,905		335,232,333		480,333,948		216,959,643
Credit loss gain (expense)	5	14,550,978		-	(13,610,807)	-
Net operating income		687,880,883		335,232,333		466,723,141		216,959,643
Personnel expenses	6	136,059,168		72,150,888	119,625,997	59,353,211
Depreciation of property and equipment	16b	35,852,985		17,989,859	50,374,955	24,690,897
Amortisation of intangible assets	15b	3,299,867		1,686,206	2,749,737	1,382,785
Other operating expenses	7	193,121,594		97,577,516	133,833,883	55,956,715
Total operating expenses		368,333,614		189,404,468		306,584,573		141,383,607
Profit before tax		319,547,269		145,827,865	160,138,568	75,576,035
				-			-
Income tax expense		(19,446,205)		(11,800,284)	(9,608,314)	(4,820,244)
				-			-
Profit after Tax		300,101,063		134,027,581		150,530,254		70,755,791
Other Comprehensive Income		-		-	-	-
Total Comprehensive Income
	300,101,063		134,027,581		150,530,254		70,755,791
Earnings per share - Basic (Kobo)		13.38		11.85	6.21	5.78

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		3 Months Ended
As at 30 June 2021	NOTES	30 June		30 June
		2021	2020
		Unaudited		Unaudited
		N		N
Assets
Cash and balances with Central Bank	9	119,270,948	100,684,849
Due from banks	10	1,118,944,565	1,571,153,885
Loans and advances to customers	11	8,556,529,649	7,118,049,692
Investment Securities	12
- FVOCI		373,599,998	373,599,998
- Held at amortised Cost		1,615,666,998	829,631,245
Other assets	13	444,244,113	575,188,597
Deferred tax assets	14	52,500,000	60,000,000
Intangible assets	15	17,876,115	18,953,809
Property and equipment	16	2,681,470,694	2,672,487,381
		14,980,103,080		13,319,749,456
Non current assets held for sale	17	23,031,000	23,031,000
Total Assets		15,003,134,080		13,342,780,456
Liabilities
Due to customers	18	4,747,725,423	3,765,748,401
Debt issued and other borrowed funds	19	3,094,066,729	2,682,169,747
Current tax liabilities	20	35,344,065	48,308,695
Other liabilities	21	897,162,595	408,900,514
Total liabilities		8,774,298,812		6,905,127,358
Equity
Issued share capital	22	2,085,222,860	2,085,222,860
Preference shares	23	600,000,000	600,000,000
Share premium		1,227,369,465	1,227,369,465
Statutory reserve		726,720,330	726,720,331
Retained earnings		1,239,348,332	1,448,166,161
Revaluation reserve		204,597,313	204,597,313
Regulatory risk reserve		76,976,969	76,976,970
Fair Value Reserve		68,599,998	68,599,998
Total Equity		6,228,835,268		6,437,653,098
Total liabilities and equity
	15,003,134,080		13,342,780,456

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,

2021 and signed on its behalf by:

TOLU OSHO
COMPANY SECRETARY	DR. OLABANJO OBALEYE
FRC/2017/NBA/00000016418	MANAGING DIRECT0R/CEO
	FRC/2014/ICAN/00000008786
Also Signed by:
SAMSON AGBAKA
CHIEF FINANCIAL OFFICER
FRC/2013/ICAN/00000002601

Page 2

Infinity Trust Mortgage Bank Plc
Interim Financial Statements
Statement of Cash Flows
for the Half Year Ended 30 June, 2021	Jan - June		April - June		Jan - June		April - June
	2021		2021	2020	2020
	Unaudited		Unaudited		Unaudited		Unaudited
	N		N		N		N
Profit before tax	319,547,269		145,827,865		160,138,568		75,576,035
Adjustment for non cash items
Depreciation of Property, Plant & Equipment	35,852,985		17,989,859	50,374,955	19,094,437
Amortisation of intangibles	3,299,867		1,686,206	2,749,737	1,382,785
Cashflow before changes in working capital	358,700,121		165,503,930		213,263,261		96,053,257
CHANGES IN WORKING CAPITAL
Decrease/(Increase) in Loans and Advances	(1,454,953,361)		(844,010,449)	(690,812,331)	(46,371,263)
Decrease/(Increase) in Other Assets	(130,944,484)		(2,401,896)	(214,296,215)	(71,432,072)
Decrease/(Increase) in Non Current Assets	-		-	8,865,000	2,955,000
(Decrease)/Increase in Deposits	981,977,022		131,132,422	772,271,258	278,030,507
(Decrease)/Increase in Other Liabilities	488,262,081		317,698,010	185,607,450	61,869,150
Tax Paid	(12,964,630)		(12,964,630)	(10,743,922)	(10,743,922)
Cash generated from operations	(128,623,373)		(410,546,543)		50,891,240		214,307,400
CASHFLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment	(106,774,399)		(53,387,200)	(29,689,475)	(9,896,492)
Purchase of Intangible Assets	(5,941,645)		(2,970,822)	(8,860,417)	(2,953,472)
Purchase of financial Investments	(1,386,035,753)		(358,021,290)	(888,423,706)	(296,141,235)
Redemption of investments	600,000,000		-	251,711,216	167,282,611
	(898,751,796)		(414,379,311)		(675,262,381)		(141,708,588)
CASHFLOW FROM FINANCING ACTIVITIES	(208,817,829)		(208,817,829)	(187,965,600)	(187,965,600)
Dividend Paid
Receipt of borrowed funds	514,200,500		148,000,000	571,050,000	521,544,062
Repayments on borrowed funds	(95,330,843)		(59,526,100)	(42,889,061)	(21,444,530)
	210,051,828		(120,343,929)		340,195,339		312,133,932
Increase/(Decrease)in cash and cash equivalent	(458,623,220)		(779,765,854)	(284,175,802)	480,786,001
Cash and cash equivalent as at beginning of period	1,613,348,705		1,936,148,322	1,613,348,705	848,386,903
Cash and cash equivalent as at end of period	1,154,725,485		1,156,382,468		1,329,172,903		1,329,172,903
Additional cash flow information
Cash and cash equivalent
Cash on hand (Note 16)	35,780,920		35,780,920	33,993,750	33,993,750
Balances with Banks within Nigeria	160,344,026		160,344,026	547,179,153	547,179,153
Placements with Banks	958,600,539		958,600,539	748,000,000	748,000,000
	1,154,725,485		1,154,725,485		1,329,172,903		1,329,172,903

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 9)

3

INFINITY TRUST MORTGAGE BANK PLC

Statement of Changes in Equity

As at 30 June 2021

As at 30 June 2020		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 2020	2,085,222,860	1,227,369,465	600,000,000	644,497,544	1,346,457,271	204,597,313	37,760,313	56,249,998	6,202,154,764
	-	-	-	-	-	-	-	-	-
Dividend paid	-	-	-	-	(187,965,600)	-	-	-	(187,965,600)
At 30 June, 2020	2,085,222,860	1,227,369,465	600,000,000	644,497,544	1,158,491,671	204,597,313	37,760,313	56,249,998	6,014,189,164
		Issued	Share	Preference	Statutory	Retained	Revaluation	Regulatory	Fair Value
As at 30 June 2021
		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
	-	-	-	-	-	-	-	-	-
Dividend paid	-	-	-	-	(208,817,829)	-	-	-	(208,817,829)
At 30 June, 2021
2,085,222,860	1,227,369,465	600,000,000	726,720,331	1,239,348,333	204,597,313	76,976,970	68,599,998	6,228,835,268

Page 4