Infinity Trust Mortgage Bank PlcNSENG: INFINITY

Quarter 1 - financial statement for 2025

Apr 28, 2025 at 7:27 AM UTC · Issued by Infinity Trust Mortgage Bank Plc

INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS PERIOD ENDED

31 MARCH 2025

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH, 2025.
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, 2025 which was approved by the Board of Directors on April 10, 2025.
INFINITY TRUST MORTGAGE BANK PLC
Statement of Comprehensive Income		3 Months Ended	3 Months Ended	Year Ended
for the Three Months Ended 31 March, 2025		31 March	31 March	31 December
NOTES		2025	2024	2024
		Unaudited	Unaudited	Audited
		N	N	N
Turnover		1,285,472,976	853,283,816	4,393,655,073
Interest and similar income	1	1,082,789,618	731,943,852	3,583,306,193
Interest and similar expense	2	(341,638,380)	(192,531,150)	(1,132,369,561)
		741,151,239	539,412,703	2,450,936,632
Fee and commission income	3	41,509,826	30,186,580	100,230,185
Fee and commission expense		-	-
Net fee and commission income		41,509,826	30,186,580	100,230,185
Other operating income	4	161,173,531	91,153,384	710,118,695
Total operating income		943,834,596	660,752,666	3,261,285,512
Credit loss expense	5	-	(10,422,203)	(199,383,197)
Net operating income		943,834,596	650,330,463	3,061,902,315
Personnel expenses	6	133,998,893	103,689,555	433,733,012
Depreciation of property and equipment	14b	20,962,864	13,922,353	87,404,975
Amortisation of intangible assets	15b	2,901,317	2,376,660	9,894,587
Other operating expenses	7	184,417,331	170,474,455	808,275,487
Total operating expenses		342,280,404	290,463,023	1,339,308,061
Profit before tax		601,554,192	359,867,440	1,722,594,254
Income tax expense		(60,518,912)	(26,990,058)	(241,364,871)
Profit after Tax		541,035,280	332,877,382	1,481,229,383
Other Comprehensive Income		1,531,523,489	-	532,633,331.00
Total Comprehensive Income		2,072,558,769	332,877,382	2,013,862,714
Earnings per share - Basic (Kobo)		50.89	30.92	35.52

INFINITY TRUST MORTGAGE BANK PLC

Statement of Financial Position

3 Months Ended

Year Ended

As at 31 March 2025

NOTES

31 March

31 December

2025

2024

Unaudited

Audited

Assets

Cash and balances with Central Bank

131,956,350

110,961,699

113,036,360

Due from banks

5,469,847,675

1,729,087,710

3,478,016,130

Loans and advances to customers

17,372,849,976

16,151,569,878

16,194,181,832

Investment Securities

- FVOCI

908,133,329

375,499,998

908,133,329

- Held at amortised Cost

381,215,196

707,878,969

719,837,745

Other assets

693,632,704

999,218,286

1,031,169,241

Property and equipment

4,195,792,323

2,666,501,438

2,669,294,803

Intangible assets

36,628,239

16,589,147

36,304,555

Deferred tax assets

11,250,000

Total Assets

29,190,055,792

22,768,557,125

25,149,973,995

Liabilities and Equity

Liabilities

Due to customers

8,388,375,621

5,358,269,490

5,964,395,242

Debt issued and other borrowed funds

7,849,845,763

7,815,797,955

8,317,497,229

Current tax liabilities

342,365,389

156,655,020

281,846,478

Other liabilities

2,244,083,379

1,908,199,518

1,375,614,573

18,824,670,151

15,238,921,982

15,939,353,522

Total liabilities

Equity

Issued ordinary share capital

2,085,222,860

Preference Shares

600,000,000

Share premium

1,227,369,465

Statutory reserve

1,458,233,883

1,161,988,007

1,458,233,884

Retained earnings

1,879,841,843

1,597,092,461

2,797,635,443

Revaluation Reserve

1,736,120,802

204,597,313

Fair Value Reserve

603,133,329

70,499,998

603,133,329

Regulatory Risk Reserve

234,428,179

249,987,657

234,428,179

Unaudited Profit (2025)

541,035,280

332,877,382

Total equity

10,365,385,641

7,529,635,143

9,210,620,473

Total liabilities and equity

29,190,055,792

22,768,557,125

25,149,973,995

The interim and abridged financial statements were

approved by the Board of Directors on 10th April, 2025

and signed on its behalf by:

TOLU OSHO

MRS OBALEYE ABISOLA

COMPANY SECRETARY

DIRECT0R

FRC/2017/NBA/00000016418

FRC/2024/PRO/ICAN/004/685184

Also signed by:

BUKOLA AFARIOGUN

Ag-Chief Financial Officer

FRC/2021/002/00000024781

STATEMENT OF CHANGES IN EQUITY	Issued	Share	Preference	Statutory	Fair Value	Retained	Revaluation	Regulatory	Unaudited Profit
	Capital	Premium	Shares	Reserves	Reserves	Earnings	Reserves	Reserves	March 31, 2025	Total equity
	N	N	N	N	N	N	N	N	N
At 1 January, 2024	2,085,222,860	1,227,369,465	600,000,000	1,161,988,007	70,499,998	2,264,659,317	204,597,313	249,987,657		7,864,324,617
Transfer to retained earnings	-	-	-			1,481,229,383				1,481,229,383
Transfer to statutory reserve				296,245,877		(296,245,877)				-
Transfer to regulatory Risk reserve						15,559,478		(15,559,478)		-
Transfer to fair value reserve					532,633,331					532,633,331
Revaluation (Gain or Loss )							-
Ordinary Dividend Paid						(625,566,858)				(625,566,858)
Preference Dividend Paid						(42,000,000)				(42,000,000)
										-
At 31 December, 2024	2,085,222,860	1,227,369,465	600,000,000	1,458,233,884	603,133,329	2,797,635,443	204,597,313	234,428,179	-	9,210,620,473
	Issued	Share	Preference	Statutory	Fair Value	Retained	Revaluation	Regulatory	Unaudited Profit
	Capital	Premium	Shares	Reserves	Reserves	Earnings	Reserves	Reserves	March 31, 2025	Total equity
	N	N	N	N	N	N	N	N	N
At 1 January 2025	2,085,222,860	1,227,369,465	600,000,000	1,458,233,884	603,133,329	2,797,635,443	204,597,313	234,428,179		9,210,620,473
										-
Fair Value (IFRS-13)										-
Transfer to Retained earnings (Unaudited 2	-	-	-			-			541,035,280	541,035,280
Transfer to statutory reserve	-	-	-							-
Transfer to regulatory Risk	-	-	-							-
Ordinary Dividend Paid_Proposed						(875,793,601)				(875,793,601)
Preference Dividend Paid_Proposed						(42,000,000)				(42,000,000)
Revaluation (Gain or Loss )							1,531,523,489.00			1,531,523,489
At 31 March , 2025	2,085,222,860	1,227,369,465	600,000,000	1,458,233,884	603,133,329	1,879,841,842	1,736,120,802	234,428,179	541,035,280	10,365,385,641
Dividend
The Bank proposed 21k dividend for Ordinary Shareholder and 7k for Preference Shareholder ; 875.7million for Ordinary Shareholder
and 42million for Preference shareholders. The amount has been deducted from retained earning to Proposed dividend ( Note 8) and
classified as other liabilities

Infinity Trust Mortgage Bank Plc
Interim Financial Statements
Statement of Cash Flows
for the Quarter Ended 31 March, 2025	3 Months Ended	3 Months Ended
	31 March	31 March
	2025	2024
	N	N
Profit before tax	601,554,192	363,617,440
Adjustment for non cash items
Impairment on loans and advances	-	18,407,409
Depreciation of Property, Plant & Equipment	20,962,864	13,922,353
Amortisation of intangibles	2,901,317	2,376,660
Cashflow before changes in working capital	625,418,372	398,323,862
CHANGES IN WORKING CAPITAL
Decrease/(Increase) in Loans and Advances	(1,192,480,388)	(824,627,936)
Decrease/(Increase) in Others	337,536,537	(697,254,427)
Decrease/(Increase) in Non Current Assets	-	-
(Decrease)/Increase in Deposits	2,423,980,379	943,958,082
(Decrease)/Increase in Other Liabilities	(49,324,795)	56,700,906
Tax Paid/Provission	-	27,271,308
Cash generated from operations	1,519,711,733	(493,952,068)
CASHFLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment	(5,025,969)	(29,454,570)
Purchase of Intangible Assets	(323,684)	2,376,660
Purchase of Investments	338,622,549	(535,238,756)
Redemption of Investments
	333,272,896	(562,316,666)
CASHFLOW FROM FINANCING ACTIVITIES
Dividend Paid	-	-
Receipt of borrowed funds	(467,651,466)	721,921,590
Repayments on borrowed funds
	(467,651,466)	721,921,590
Increase/ (Decrease) in cash and cash equivalent	2,010,751,535	63,976,717
Cash and cash equivalent as at beginning of period	3,591,052,490	1,776,072,692
Cash and cash equivalent as at end of period	5,601,804,025	1,840,049,410
Additional cash flow information
Cash and cash equivalent
Cash on hand (Note 16)	24,790,960	14,814,255
Balances with Banks within Nigeria	512,057,266	96,147,444
Placements with Banks	5,064,955,799	1,729,087,710
	5,601,804,025	1,840,049,410
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	3 Months Ended	3 Months Ended
	Quarter Ended 31 March, 2025	31 March	31 March
	Notes to the Financial Statements	2025	2024
		N	N
1	Interest and similar income
	National Housing Fund Loans	37,242,511	40,926,853
	Estate Mortgage Income	72,066,496	69,161,054
	Other Mortgage Loans and advances to customers	714,040,982	574,484,201
	Treasury Operations and Placements	259,439,629	55,867,851
		1,082,789,618	740,439,960
2	Interest and similar expense:
	Customers Deposits	145,273,193	47,262,142
	Debt issued and other borrowed funds	196,365,186	145,790,788
		341,638,380	193,052,930
3	Net fees and commission income
	Fees and commission income
	Credit related fees and commission	32,510,997	24,255,766
	Commission on turnover	8,906,185	5,848,353
	Facilities management fees	30,045	32,462
	Other commissions	62,600	50,000
		41,509,826	30,186,580
4	Other operating income
	Investment Income	152,912,500	68,192,643
	Rental Incomes	-	9,907,357
	Others	8,261,031	13,064,262
		161,173,531	91,164,262
5	Impairment losses
	Credit loss expense	-	10,422,203.0
6	Personnel expenses
	Salaries and Wages	104,366,825	83,655,642
	Other staff costs	21,954,384	14,424,501
	Pension costs - Defined contribution plan	7,677,684	5,609,412
		133,998,893	103,689,555
7	Other operating expenses
	Advertising and marketing	1,276,610	1,534,262
	Administrative	37,121,385	29,462,388
	Professional fees	9,126,564	2,483,279
	Others	136,892,772	133,244,525
		184,417,331	166,724,455
8	Dividends paid and proposed
a.	Proposed
	Declared for the year Suject to AGM Ratification
	Equity dividends on ordinary shares:	875,793,601	625,566,858
	Equity dividends on preference shares:	42,000,000	42,000,000
		917,793,601	667,566,858
	The proposed divided of 667.5mmillion is classified as other liability from Retain earnings in the Account
b.	Declared and paid during the year; ratified at
	Equity dividends on ordinary shares:	-	-
	Equity dividends on preference shares:	-	-
		-	-
9	Cash and balances with central bank
	Cash on hand	24,790,960	14,814,255
	Deposits with the Central Bank	107,165,390	96,147,444
	Less: Allowance for impairment losses
		131,956,350	110,961,699
10	Due from banks
	Placements with banks and discount houses	5,064,955,799	1,352,946,960
	Balances with banks within Nigeria	404,891,876	376,140,750
		5,469,847,675	1,729,087,710
	Less: Allowance for impairment losses	-	-
		5,469,847,675	1,729,087,710
11	Loans & Advances
a	By Product Type
	Mortgage Loans	17,826,934,404	16,442,000,707
	Other Loans	63,957,600	35,913,388

	Quarter Ended 31 March, 2025	31 March	31 March
	Notes to the Financial Statements	2025	2024
		N	N
	Gross Loans	17,890,892,004	16,477,914,095
	Impairment	(518,042,028)	(326,344,217)
		17,372,849,976	16,151,569,878
12	Financial investments
	FVOCI	908,133,329	375,499,998
	Hels at Amortised Cost	381,215,196	707,878,969
		1,289,348,525	1,083,378,967
13	Other assets
	Prepayments	149,489,294	46,851,356
	stationery stocks	1,002,451	1,002,451
	Other stocks	188,829,965	839,504,879
	Account receivables	25,291,753	20,393,753
	Other debits balances	330,374,525	91,653,847
		694,987,987	999,406,286
	Less:
	Allowance for impairment on other assets	(1,355,283)	(188,000)
		693,632,704	999,218,286
14a	Property and equipment
	Land
	Cost	431,026,720	235,315,028
	Accummulated Depreciation
	Net Book value	431,026,720	235,315,028
	Buildings
	Cost	4,228,058,738	2,877,092,047
	Accummulated Depreciation	(636,853,226)	(600,076,454)
	Net Book value	3,591,205,512	2,277,015,593
	Work in Progress
	Cost	9,997,014	-
	Accummulated Depreciation	-	-
	Net Book value	9,997,014	-
	Plant & Equipment
	Cost	298,798,187	308,783,949
	Accummulated Depreciation	(241,355,106)	(233,398,383)
	Net Book value	57,443,081	75,385,566
	Computer and Equipment
	Cost	117,705,153	111,267,888
	Accummulated Depreciation	(83,085,946)	(68,825,601)
	Net Book value	34,619,207	42,442,287
	Furn & Fittings:
	Cost	72,873,022	71,952,102
	Accummulated Depreciation	(65,683,641)	(61,632,583)
	Net Book value	7,189,380	10,319,519
	Motor Vehicles
	Cost	210,731,000	152,891,000
	Accummulated Depreciation	(146,419,591)	(126,867,555)
	Net Book value	64,311,409	26,023,445
	Total Property and Equipment
	Cost	5,369,189,834	3,757,302,014
	Accummulated Depreciation	(1,173,397,511)	(1,090,800,576)
	Property and equipment	4,195,792,323	2,666,501,439
14b	Current Depreciation Charge
	Furn & Fittings	741,051	1,170,665
	Buildings	7,952,591	455,490
	Computer Equipment	3,003,563	3,144,500
	Motor Vehicles	4,784,232	4,982,020
	Plant & Equipment	4,481,426	4,169,678
		20,962,864	13,922,353
15a	Intangible assets
	Computer Software
	Cost	116,536,528	86,078,193
	Accummulated Amortisation	(79,908,289)	(69,489,045)
	Net Book value	36,628,239	16,589,147
15b	Amortisation charge for the year
	Computer Software	2,901,317	2,376,660
		2,901,317	2,376,660
16	Deferred tax
	Deferred tax laibilities

31 March	31 March
2025	2024
N	N
-	11,250,000
-	11,250,000
-	-
2,877,547,802	2,936,148,121
427,206,858	763,541,430
5,083,620,961	1,658,579,938
8,388,375,621	5,358,269,490

3,232,644,994	3,338,048,967
1,818,311,880	1,961,082,321
2,798,888,889	2,516,666,667
7,849,845,763	7,815,797,955
342,365,389	156,655,020
949,062,629	136,033,408
66,091,082	67,515,645
4,837,204	4,752,813
246,629,943	1,029,518,755
59,668,920	2,812,039
917,793,601	667,566,858
2,244,083,379	1,908,199,517
5,000,000,000	5,000,000,000
2,085,222,860	2,085,222,860
600,000,000	600,000,000
603,133,329	70,499,998

Quarter Ended 31 March, 2025 Notes to the Financial Statements

Deferred tax assets

Non Current Assets Held for Sale
Due to customers Analysis by type of account:
Demand Savings
Time deposits
Debt issued and other borrowed funds
Other Long Term Loans FMBN Nigeria Mortgage Refinance Company Development Bank of Nigeria
Current tax liabilities
Current tax payable
Other liabilities Provision and accrual Sundry Creditors Unclaimed Dividend Other Payables
Rent Received in Advance
Proposed Dividend
Issued capital and reserves
10,000,000,000 ordinary shares of 50 kobo each
Ordinary shares
Issued and fully paid:
4,170,445,720 ordinary shares of 50k each
7% Irredeemable Convertible Preference Shares
Fair Value Reserve
The fair value reserve arose as a result of the valuation of NMRC shares based level 2 IFRS-13 Valuatio observable data
STATEMENT OF COMPLIANCE
The financial statements and accompaning notes have been drawn up in compliance with IAS 34
OTHER DISCLOSURES
1. The same accounting policies and methods of computation are followed in the interim financial statements as were used in the last audited financial statements of the bank
2. The Bank prepares interim financial statements for publication and submission to Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) on a quarterly basis.
3. There are no events after the reporting date which could have had a material effect on the interim statements as at 31 March 2025.

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