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 |
3 |
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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Infinity Trust Mortgage Bank plc published this content on 13 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2022 14:24:08 UTC.