Infinity Trust Mortgage Bank: Quarter 3… (NSENG:INFINITY)

INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED

30 SEPTEMBER 2025

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER, 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 nine months ended 30 September, 2025 which was approved by the Board of Directors on 10th October, 2025.
Infinity Trust Mortgage Bank Plc
Statement of Comprehensive Income
For the Nine months ended 30 September, 2025		Jan - Sept	Jan - Sept	July - Sept	July - Sept	Jan - Dec
	NOTES	2025	2024	2025	2024	2024
		Unaudited	Unaudited	Unaudited	Unaudited	Audited
		N	N	N	N	N
Turnover		4,584,639,646	3,058,718,444	1,787,323,167	1,265,292,289	4,393,655,073
Interest and similar income	1	3,804,633,572	2,460,657,809	1,466,027,943	912,634,191	3,583,306,193
Interest and similar expense	2	(1,226,293,646)	(774,458,741)	(456,694,112)	(319,771,216)	(1,132,369,561)
		2,578,339,927	1,686,199,068	1,009,333,832	592,862,975	2,450,936,632
Net Fees and commission income	3	196,156,641	85,653,247	84,635,849	27,352,065	100,230,184
Net fee and commission income		196,156,641	85,653,247	84,635,849	27,352,065	100,230,184
Other operating income	4	583,849,433	512,407,387	236,659,375	325,306,032	710,118,695
				-	-
Total operating income		3,358,346,000	2,284,259,702	1,330,629,055	945,521,072	710,118,695
Credit loss expense	5	(55,271,503)	(57,075,783)	(51,285,006)	(45,110,726)	(199,383,197)
Net operating income		3,303,074,498	2,227,183,919	1,279,344,050	900,410,346	3,061,902,315
Personnel expenses	6	413,993,520	297,180,983	142,263,509	96,878,414	433,733,012
Depreciation of property and equipment	16b	72,689,669	66,064,435	27,423,234	23,159,189	87,404,975
Amortisation of intangible assets	15b	9,467,003	7,148,599	3,604,730	2,395,279	9,894,587
Other operating expenses	7	630,614,598	523,505,756	235,518,338	193,571,608	808,275,487
Total operating expenses		1,126,764,790	893,899,773	408,809,810	316,004,490	1,339,308,061
Profit before tax		2,176,309,708	1,333,284,146	870,534,239	584,405,856	1,722,594,254
Income tax expense		(90,778,368)	(30,645,788)	(30,000,000)	(235,779)	(241,364,871)
Profit after Tax		2,085,531,340	1,302,638,359	840,534,239	584,170,078	1,481,229,383
Other Comprehensive Income		1,531,523,489	-	-		532,633,331
Total Comprehensive Income		3,617,054,829	1,302,638,359	840,534,239	584,170,078	2,013,862,714
Earnings per share - Basic (Kobo)		65.67	40.64	39.81	55.02	35.52

INFINITY TRUST MORTGAGE BANK

PLC

Statement of Financial Position

Nine Months Ended

Year Ended

As at 30 September 2025

NOTES

30 September

31 Dec

2025

2024

Unaudited

Audited

N

Assets

Cash and balances with Central Bank

9

130,755,845

127,827,880

113,036,360

Due from banks

10

6,551,515,423

1,971,720,928

3,478,016,130

Loans and advances to customers

11

25,050,231,285

16,883,124,598

16,194,181,832

Investment Securities

12

- FVOCI

908,133,329

375,499,998

908,133,329

- Held at amortised Cost

408,130,580

712,221,349

719,837,745

Other assets

13

566,199,093

1,320,008,158

1,031,169,241

Deferred tax assets

14

-

3,750,000

-

Intangible assets

15

53,188,853

16,369,951

36,304,555

Property and equipment

16

4,259,174,168

2,621,054,621

2,669,294,803

37,927,328,575

24,031,577,482

25,149,973,995

Non current assets held for sale

17

-

Total Assets

37,927,328,575

24,031,577,482

25,149,973,995

Liabilities

Due to customers

18

9,746,513,899

5,921,419,331

5,964,395,242

Debt issued and other borrowed funds

19

14,306,221,203

8,061,341,956

8,317,497,229

Current tax liabilities

20

296,126,851

86,127,394

271,440,022

Other liabilities

21

1,668,584,919

1,463,292,681

1,386,021,029

26,017,446,873

15,532,181,362

15,939,353,522

Total liabilities

Equity

Issued share capital

22

2,085,222,860

Preference shares

23

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

1,879,841,846

1,597,092,462

1,316,406,060

Revaluation reserve

1,736,120,802

204,597,313

Regulatory risk reserve

234,428,178

249,987,656

234,428,179

Fair Value Reserve

603,133,329

70,499,998

603,133,329

Current Year Profit (Sept 2025)

2,085,531,340

1,302,638,359

1,481,229,383

Total equity

11,909,881,703

8,499,396,120

9,210,620,473

Total liabilities and equity

37,927,328,575

24,031,577,482

25,149,973,995

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 10th October, 2025 and signed on its behalf by:

TOLU OSHO

DR. OLABANJO OBALEYE

COMPANY SECRETARY

MANAGING DIRECT0R/CEO

FRC/2017/NBA/00000016418

FRC/2014/ICAN/00000008786

Also Signed by:

BUKOLA AFARIOGUN

CHIEF FINANCIAL OFFICER

FRC/2021/002/00000024781

Infinity Trust Mortgage Bank Plc
Interim Financial Statements
Statement of Cash Flows
for the nine months ended 30 September, 2025	Jan - September	Jan - September
	2025	2024
	Unaudited	Unaudited
	N	N
Profit before tax	2,176,309,708	1,333,284,146
Adjustment for non cash items
Depreciation of Property, Plant & Equipment	72,689,669	66,064,435
Amortisation of intangibles	9,467,003	7,148,599
Cashflow before changes in working capital	2,258,466,380	1,406,497,180
CHANGES IN WORKING CAPITAL
Decrease/(Increase) in Loans and Advances	(8,927,799,672)	(1,525,226,235)
Decrease/(Increase) in Other Assets	464,970,148	(1,018,044,299)
Decrease/(Increase) in Non Current Assets	-	-
(Decrease)/Increase in Deposits	3,782,118,657	1,507,107,923
(Decrease)/Increase in Other Liabilities	282,563,890	234,481,825
Tax Paid	(76,497,993)	(60,245,978)
Cash generated from operations	(4,474,644,969)	(861,926,764)
CASHFLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment	(58,355,876)	15,992,247
Purchase of Intangible Assets	(16,884,298)	2,595,856
Purchase of financial Investments	311,707,165	(6,092,000,000)
Redemption of investments		5,552,418,863
	236,466,990	(520,993,034)
CASHFLOW FROM FINANCING ACTIVITIES
Dividend Paid	(917,793,597)	(667,566,858)
Receipt of borrowed funds	5,988,723,974	967,465,591
Repayments on borrowed funds
	5,070,930,376	299,898,733
Increase in cash and cash equivalent	3,091,218,778	323,476,115
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	6,682,271,268	2,099,548,807
Additional cash flow information
Cash and cash equivalent
Cash on hand (Note 16)	130,755,845	127,827,880
Balances with Banks within Nigeria	771,515,423	(94,934,672)
Placements with Banks	5,780,000,000	2,066,655,600
	6,682,271,268	2,099,548,807
The deposits with the Central Bank of Nigeria is not available to finance the bank's day to day operations , however , is part of cash and cash equivalents for liquidity . (See Note 9)

STATEMENT OF CHANGES IN EQUITY	Issued	Share	Preference	Statutory	Fair Value	Retained	Unaudited Current	Revaluation	Regulatory	Total equity
	Capital	Premium	Shares	Reserves	Reserves	Earnings	Year Earnings	Reserves	Reserves	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
Ordinary Dividend Paid						(625,566,858)				(625,566,858)
Preference Dividend Paid						(42,000,000)				(42,000,000)
Revaluation (Gain or Loss )										-
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	Unaudited Current	Revaluation	Regulatory
	Capital	Premium	Shares	Reserves	Reserves	Earnings	Year Earnings	Reserves	Reserves	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
										-
Transfer to retained earnings ( Unaudited Profit)	-	-	-			-	2,085,531,340			2,085,531,340
Transfer to regulatory Risk	-	-	-							-
Ordinary Dividend Paid_Proposed						(875,793,597)				(875,793,597)
Preference Dividend Paid_Proposed						(42,000,000)				(42,000,000)
Revaluation (Gain or Loss )								1,531,523,489.03		1,531,523,489
At 30 SEPT 2025	2,085,222,860	1,227,369,465	600,000,000	1,458,233,883	603,133,329	1,879,841,846	2,085,531,340	1,736,120,802	234,428,178	11,909,881,703

	INFINITY TRUST MORTGAGE BANK PLC	Period from	Period from	Period from	Period from
	Notes to the Financial Statements	Jan - Sept	Jan - Sept	July - Sept	July - Sept
	for the Nine Months Ended 30 September, 2025	2025	2024	2025	2024
		N	N	N	N
1	Interest and similar income
	National Housing Fund Loans	109,528,443	118,200,029	36,006,963	38,342,391
	Estate Mortgage Income	335,509,865	201,351,879	154,509,138	62,884,223
	Other Mortgage Loans and advances to customers	2,571,990,311	1,870,805,171	992,869,442	684,102,835
	Treasury Operations and Placements	787,604,953	270,300,731	282,642,400	127,304,744
		3,804,633,572	2,460,657,809	1,466,027,942	912,634,191
2	Interest and similar expense:
	Customers Deposits	574,666,851	185,137,231	228,301,822	87,000,691
	Debt issued and other borrowed funds	651,626,795	589,321,511	228,392,290	232,770,525
		1,226,293,646	774,458,741	456,694,112	319,771,216
3	Net fees and commission income
	Fees and commission income
	Credit related fees and commission	161,327,718	64,774,664	69,129,069	20,091,316
	Commission on turnover	34,672,878	20,649,622	15,493,281	7,185,249
	Facilities management fees	30,045	32,462	-	-
	Other commissions	126,000	196,500	13,500	75,500
		196,156,641	85,653,247	84,635,849	27,352,065
4	Other operating income
	Investment Income	504,722,500	489,135,000	217,310,000	318,635,000
	Rental Incomes	79,126,933	9,907,357	31,872,964	-
	Others		13,365,030	-12,523,589	6,671,033
		583,849,433	512,407,387	236,659,375	325,306,032
5	Impairment losses	55,271,503	55,271,503	55,271,503	43,306,446
	Credit loss expense	55,271,503	55,271,503	55,271,503	43,306,446
6	Personnel expenses
	Salaries and Wages	312,197,831	243,497,263	103,620,958	79,644,335
	Other staff costs	78,799,596	36,872,147	30,705,046	11,808,641
	Pension costs - Defined contribution plan	22,996,093	16,811,573	7,937,504	5,425,437
		413,993,520	297,180,983	142,263,508	96,878,414
7	Other operating expenses
	Advertising and marketing	23,102,140	8,791,742	14,641,106	4,362,694
	Administrative	95,907,034	64,889,768	31,627,552	18,970,693
	Professional fees	33,090,102	22,143,778	15,714,525	16,682,318
	Others	478,515,322	427,680,469	173,535,155	153,555,902
		630,614,598	523,505,756	235,518,338	193,571,608
8	Dividends paid and proposed
	Declared and paid during the year
	Equity dividends on ordinary shares:	875,793,597	42,000,000
	Equity dividends on preference shares:	42,000,000	42,000,000
		917,793,597	84,000,000	-	-
9	Cash and balances with central bank
	Cash on hand	23,590,455	20,662,490
	Deposits with the Central Bank	107,165,390	107,165,390
	Less: Allowance for impairment losses	-	-
		130,755,845	127,827,880
10	Due from banks
	Placements with banks	5,780,000,000	2,030,000,000
	Balances with banks within Nigeria	585,709,516	-94,934,672
	Receivables	185,805,907	36,655,600
		6,551,515,423	1,971,720,928
	Less: Allowance for impairment losses	-	-
		6,551,515,423	1,971,720,928
11	Loans & Advances
a	By Product Type
	Mortgage Loans	25,641,134,736	17,264,613,976
	Other Loans	61,147,557	52,542,671
	Gross Loans	25,702,282,293	17,317,156,647
	Impairment	(652,051,008)	(434,032,049)
		25,050,231,285	16,883,124,598
12	Investment Securities
	FVOCI	908,133,329	375,499,998
	Held at Amortised Cost	408,130,580	712,221,349
		1,316,263,909	1,087,721,347

	Notes to the Financial Statements	Jan - Sept	Jan - Sept	July - Sept	July - Sept
	for the Nine Months Ended 30 September, 2025	2025	2024	2025	2024
13	Other assets	N	N	N	N
	Prepayments	103,657,213	30,219,754
	stationery stocks	1,002,451	2,614,951
	Other stocks	33,120,043	564,800,850
	Account receivables	28,140,780	33,298,253
	Other debit balances	401,633,888	689,262,350
	Less:	567,554,376	1,320,196,158
	Allowance for impairment on other assets	(1,355,283)	(188,000)
		566,199,093	1,320,008,158
14	Deferred tax
	Deferred tax liabilities
	Deferred tax assets		3,750,000
		-	3,750,000
15a	Intangible assets
	Computer Software
	Cost	139,662,829	90,630,935
	Accummulated Amortisation	(86,473,975)	(74,260,984)
	Net Book value	53,188,853	16,369,951
15b	Amortisation charge for the year	9,467,003		9,467,003
	Computer Software	9,467,003	7,148,599	9,467,003
		9,467,003	7,148,599	9,467,003
16a	Property and equipment	431,026,720
	Land
	Cost		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	(658,031,422)	(621,924,632)
	Net Book value	3,570,027,317	2,255,167,415
	Work in Progress
	Cost	-	-
	Accummulated Depreciation	-	-
	Net Book value	-	-
	Plant & Equipment
	Cost	309,914,087	309,494,949
	Accummulated Depreciation	(251,031,176)	(243,794,404)
	Net Book value	58,882,911	65,700,545
	Computer and Equipment
	Cost	167,034,917	116,971,153
	Accummulated Depreciation	(90,858,303)	(76,626,246)
	Net Book value	76,176,614	20,795,842
	Furn & Fittings:
	Cost	73,533,022	72,233,102
	Accummulated Depreciation	(67,082,026)	(64,025,397)
	Net Book value	6,450,996	8,207,704
	Motor Vehicles
	Cost	274,731,000	152,891,000
	Accummulated Depreciation	(158,121,389)	(136,571,979)
	Net Book value	116,609,611	16,319,021
	Total Property and Equipment
	Cost	5,484,298,484	3,763,997,279
	Accummulated Depreciation	(1,225,124,316)	(1,142,942,658)
	Property and equipment	4,259,174,168	2,621,054,621
16b	Current Depreciation Charge
	Furn & Fittings	2,139,435	3,563,480
	Buildings	29,130,787	22,303,667
	Computer Equipment	10,775,921	10,945,145
	Motor Vehicles	16,486,031	14,686,444
	Plant & Equipment	14,157,496	14,565,699
		72,689,669	66,064,435	-	-
17	Non Current Assets Held for Sale		-
18	Due to customers	3,717,137,704
	Analysis by type of account:
	Demand		3,079,196,004

	Notes to the Financial Statements	Jan - Sept	Jan - Sept	July - Sept	July - Sept
	for the Nine Months Ended 30 September, 2025	2025	2024	2025	2024
		N	N	N	N
	Savings	1,012,889,918	334,192,843
	Time deposits	4,888,278,489	2,452,925,291
	Interest Receivable	128,207,789	55,105,193
		9,746,513,899	5,921,419,331
19	Debt issued and other borrowed funds
	Other Long Term Loans FMBN	3,130,984,972	3,277,749,709
	Nigeria Mortgage Refinance Company	1,763,779,814	1,911,370,025
	Development Bank of Nigeria ( DBN)	2,641,111,111	2,872,222,222
	ON-LENDING_MRIEF FUND	6,770,345,306
		14,306,221,203	8,061,341,956
20	Current tax liabilities
	Current tax payable	296,126,851	296,126,851
		296,126,851	296,126,851
21	Other liabilities
	Provision and accrual	303,083,978	268,024,699
	Sundry Creditors	101,954,035	117,356,316
	Unclaimed Dividend	897,680	4,752,813
	Other Payables	1,262,649,227	1,073,158,854
	Unearned Incomes
	Current Year profit to Date		3,617,054,829
		1,668,584,919	5,080,347,511
22	Issued capital and reserves
	10,000,000,000 ordinary shares of 50 kobo each	5,000,000,000	5,000,000,000
	Ordinary shares
	Issued and fully paid:
	4,170,445,720 ordinary shares of 50k each	2,085,222,860	2,085,222,860
23	7% Irredeemable Convertible Preference Shares	600,000,000	600,000,000
24	STATEMENT OF COMPLIANCE
	The financial statements and accompaning notes have been drawn up in compliance with IAS 34
25	OTHER DISCLOSURES
a	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
b	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.
c	There are no events after the reporting date which could have had a material effect on the
	interim statements as at 30 September 2025
26	DISCLOSURE OF DEALINGS IN ISSUERS' SHARES
1	We hereby confirm we have adopted a Securities Trading Policy (STP). The Board of Infinity Trust Mortgage Bank Plc (ITMB) has put in place a STP to establish a best practice procedure relating to dealing in Company Securities by its employees and directors. The purpose of this STP is to assist directors and employees to avoid trading when it is not permitted. This policy is also in compliance with the Nigerian Stock Exchange (NSE) listing rules which requires that every listed Company should establish a Securities Trading Policy.
2	We have made enquiries from all our directors, and we hereby confirm that all our directors have complied with the required standard set out in the listings rules and our Securities Trading Policy regarding securities transactions.

FREE FLOAT
NAME:	INFINITY TRUST MORTGAGE BANK PLC
BOARD LISTED	MAIN BOARD
YEAR END	Sep-25
REPORTING PERIOD	QUARTER 3, 2025
SHARE PRICE AT END OF REPORTING PERIOD	N7.00 (2024: N7.00)

	Sep-25		Jun-25
Description	Unit	Percentage	Unit	percentage
Issued Share Capital	4,170,445,720	100	4,170,445,720	100
Substantial Shareholdings ( 5% and above )
Adkan Services	689,307,635	16.5%	688,879,135	17%
Labid Investment	450,000,000	10.8%	450,000,000	11%
Royal Mills Foods	300,000,000	7.2%	300,000,000	7%
Decimal Links Limited	250,000,000	6.0%	250,000,000	6%
Notec Ventures Limited	250,000,000	6.0%	250,000,000	6%
Veritas Packaging Company Limited	250,000,000	6.0%	250,000,000	6%
Engr. Adeyinka Bibilari	1,278,219,720	30.6%	1,278,219,720	31%
Total Substantial Holdings	3,467,527,355	83.1%	3,467,098,855	83%
Directors Shareholdings
AHMED JAMES JIMMY ODEGWAI & AHMED JANE .F	123,490	0.0%	123,490	0.0%
ENIOLA BIBILARI	100,000	0.0%	100,000	0.0%
Dr.Nkechi Bibilari ( Direct )	200,000	0.0%	200,000	0.0%
Dr. OLABANJO OBALEYE	250,000,000	6.0%	250,000,000	6.0%
Total Directors Holding	250,423,490	6.0%	250,423,490	6.0%
Other Influential Shareholdings
PARAMOUNT WOOD-WORK & MANUFACTURING LIMI	200,000,000	4.8%	200,000,000	4.8%
ZUMA PAINT & MANUFACTURING COMPANY LIMITED	200,000,000	4.8%	200,000,000	4.8%
	400,000,000	9.6%	400,000,000	9.6%
Free Float in Units and Percentage	52,494,875	1.26%	52,923,375	1.27%
Free Float in Value	367,464,125	1.26%	370,463,625	1.27%

ITMB Plc with a free float percentage of 1.27% as at 30 Sept, 2025 has not fully complied with the Exchange's free float
requirements for companies listed on the Main Board

ITMB Plc with a free float percentage of 1.27% as at 30 June, 2025 has not fully complied with the Exchange's free float
requirements for companies listed on the Main Board

Quarter 3 - financial statement for 2025

Earlier from Infinity Trust Mortgage Bank