Year end - financial statement for 2025

INFINITY TRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED

31 DECEMBER 2025

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR

THE TWELVE MONTHS ENDED 31 DECEMBER, 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 Twelve months ended 31 December, 2025 which was approved by the Board of Directors

Infinity Trust Mortgage Bank Plc

Statement of Comprehensive Income

For the Twelve months ended 31 December, 2025

Jan - Dec

Oct - Dec

Jan - Dec

Oct - Dec

NOTES

2025

2025

2024

2024

Unaudited

Unaudited

Audited

Unaudited

N

N

N

N

Turnover

6,612,528,971

2,027,889,325

4,393,655,073

1,193,671,578

Interest and similar income

1

5,530,849,574

1,726,216,001

3,583,306,193

981,383,332

Interest and similar expense

2

(1,865,192,655)

(638,899,009)

(1,132,369,561)

(357,910,822)

3,665,656,919

1,087,316,992

2,450,936,632

623,472,510

Net Fees and commission income

3

282,585,085

86,428,444

100,230,185

19,778,632

Net fee and commission income

282,585,085

86,428,444

100,230,185

19,778,632

-

-

Other operating income

4

799,094,313

215,244,880

710,118,695

192,509,615

-

-

Total operating income

4,747,336,316

1,388,990,316

3,261,285,512

835,760,756

-

-

Credit loss expense

5

(80,989,375)

(25,717,872)

(199,383,197)

(7,269,320)

Net operating income

4,666,346,941

1,363,272,444

3,061,902,315

828,491,437

Personnel expenses

6

582,567,357

168,573,837

433,733,012

138,604,219

Depreciation of property and equipment

16b

101,180,551

28,490,882

87,404,974

21,340,539

Amortisation of intangible assets

15b

13,373,819

3,906,816

9,894,587

2,745,988

Other operating expenses

7

952,185,388

321,570,789

808,275,487

297,005,039

-

Total operating expenses

1,649,307,114

522,542,324

1,339,308,061

459,695,786

-

-

Profit before tax

3,017,039,827

840,730,120

1,722,594,254

368,795,651

-

-

Income tax expense

(121,037,824)

(30,259,456)

(241,364,871)

(20,554,212)

-

-

Profit after Tax

2,896,002,004

810,470,664

1,481,229,383

348,241,439

Other Comprehensive Income

1,531,523,489.03

-

532,633,331

-

Total Comprehensive Income

4,427,525,493

810,470,664

2,013,862,714

348,241,439

Earnings per share - Basic (Kobo)

69

3.77

35.52

1.59

The notes on pages 5 to 7 are an integral part of these financial statements.

INFINITY TRUST MORTGAGE BANK PLC

Statement of Financial Position

Year Ended

Year Ended

As at 31 December, 2025

NOTES

31 Dec

31 Dec

2025

2024

Unaudited

Audited

N

N

Assets

Cash and balances with Central Bank

9

262,824,579

113,036,359

Due from banks

10

7,575,686,321

3,478,016,130

Loans and advances to customers

11

30,004,235,157

16,194,181,832

Investment Securities

12

- FVOCI

908,133,329

908,133,329

- Held at amortised Cost

421,588,272

719,837,745

Other assets

13

1,283,825,729

1,031,169,241

Intangible assets

15

57,086,052

36,304,556

Property and equipment

16

4,229,343,772

2,669,294,803

44,742,723,211

25,149,973,995

Non current assets held for sale

17

-

-

Total Assets

44,742,723,211

25,149,973,995

Liabilities

Due to customers

18

10,831,329,633

5,964,395,242

Debt issued and other borrowed funds

19

18,884,465,300

8,317,497,229

Deferred tax

10,406,456

10,406,456

Current tax liabilities

20

315,979,851

271,440,022

Other liabilities

21

1,980,189,605

1,375,614,573

32,022,370,845

15,939,353,522

Total liabilities

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

1,458,233,882

1,458,233,884

Retained earnings

1,879,841,846

2,797,635,443

Revaluation reserve

1,736,120,802

204,597,313

Regulatory risk reserve

234,428,178

234,428,179

Fair Value Reserve

603,133,329

603,133,329

Unaudited Profit ( 2025)

2,896,002,004

-

Total equity

12,720,352,366

9,210,620,473

Total liabilities and equity

44,742,723,211

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 Jan, 2025 and signed on its behalf by:

TOLU OSHO

DR. OLABANJO OBALEYE

COMPANY SECRETARY

DIRECT0R

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

2025 Annual Report and Accounts

Statement of Cash Flows

For the Year Ended 31 December, 2025

NOTES

31 December

31 December

2025

2024

N

N

Profit before tax

3,017,039,827

1,722,594,254

Adjustment for non cash items

Impairment on loans and advances

9

80,989,375

199,383,197

Depreciation of Property, Plant & Equipment

21

101,180,551

87,404,974

Amortisation of intangibles

22

13,373,819

9,894,587

Disposal of Fixed Asset

97,292

Cashflow before changes in working capital

3,212,583,572

2,019,374,304

CHANGES IN WORKING CAPITAL

Decrease/(Increase) in Loans and Advances

18

(14,005,597,068)

(1,034,499,383)

Decrease/(Increase) in Other Assets

20

(252,656,488)

(729,495,965)

Decrease/(Increase) Non Current Assets for sale

-

-

(Decrease)/Increase in Deposits

25

4,866,934,391

1,550,083,834

(Decrease)/Increase Other Liabilities

604,575,032

222,422,878

Tax Paid

27

(76,497,995)

(73,902,105)

Cash generated from operations

(8,863,242,128)

(65,390,741)

CASHFLOW FROM INVESTING ACTIVITIES

Purchase of Property, Plant and Equipment

21

(28,525,480)

(119,907,203)

Purchase of Intangible Assets

22

(20,781,496)

(27,233,336)

Purchase of Treasury Bills & Bond/Placement (Net )

19b

298,249,473

(547,197,533)

Disposal Proceed

157,000

Cash flow from investing activities

248,942,497

(694,181,072)

CASHFLOW FROM FINANCING ACTIVITIES

Dividend Paid

14

(917,793,601)

(667,566,858)

Receipt of borrowed funds

26

10,566,968,071

2,743,000,000

Repayments and refunds on borrowed funds

25

(1,519,379,135)

Casflow from financing activities

9,649,174,470

556,054,007

Increase /(decrease) in cash and cash equivalent

4,247,458,410

1,815,856,498

Effect of Impairment

(876,700)

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

7,838,510,900

3,591,052,490

Additional cash flow information

Cash and cash equivalent

Cash on hand

16

13,341,955

5,870,970

Balances with Banks within Nigeria

17

853,812,354

430,423,385

Placements with Banks

17

6,971,356,591

3,154,758,135

7,838,510,900

3,591,052,490

INFINITY TRUST MORTGAGE BANK PLC

Statement of Changes in Equity

As at 31 December, 2025

As at 31 December 2024

Issued

Share

Preference

Statutory

Retained

Revaluation

Regulatory

Fair Value

Unaudited Profit

Capital

Premium

Shares

Reserves

Earnings

Reserves

Reserves

Reserves

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

2,264,659,318

204,597,313

249,987,657

70,499,998

7,864,324,617

-

-

-

-

-

-

-

-

-

Transfer( Retained earning )

-

-

-

1,481,229,383

1,481,229,383

Transfer (Statutory)

-

-

-

296,245,877

(296,245,877)

-

Dividend paid

-

-

-

(625,566,858)

(625,566,858)

Preference Dividend Paid

(42,000,000)

(42,000,000)

Transfer (Regulatory Risk)

-

-

-

15,559,478

(15,559,478)

532633331

532,633,331

Fair Value Gain/Loss

-

-

-

-

-

-

At 31 December, 2024

2,085,222,860

1,227,369,465

600,000,000

1,458,233,884

2,797,635,445

204,597,313

234,428,179

603,133,329

-

9,210,620,473

As at 31 December, 2025

Issued

Share

Preference

Statutory

Retained

Revaluation

Regulatory

Fair Value

Unaudited Profit

Capital

Premium

Shares

Reserves

Earnings

Reserves

Reserves

Reserves

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

2,797,635,445

204,597,313

234,428,179

603,133,329

9,210,620,475

-

-

-

-

-

-

-

-

-

Dividend paid

-

-

-

-

(875,793,601)

-

-

-

(875,793,601)

Preference Dividend Paid

(42,000,000)

(42,000,000)

1,531,523,489

1,531,523,489

Unaudited Profit 2025

2,896,002,004

2,896,002,004

-

At 31 December, 2025

2,085,222,860

1,227,369,465

600,000,000

1,458,233,884

1,879,841,844

1,736,120,802

234,428,179

603,133,329

2,896,002,004

12,720,352,366

INFINITY TRUST MORTGAGE BANK PLC

Period from

Period from

Period from

Period from

Notes to the Financial Statements

Jan - Dec

Oct - Dec

Jan - Dec

Oct - Dec

for the 12 Months Ended 31 December, 2025

2025

2025

2024

2024

N

N

N

N

1

Interest and similar income

National Housing Fund Loans

144,461,861

34,933,418

156,050,189

37,850,159

Estate Mortgage Income

495,904,881

160,395,016

270,270,031

68,918,152

Other Mortgage Loans and advances to customers

3,723,295,407

1,151,305,096

2,736,211,821

724,141,600

Treasury Operations and Placements

1,167,187,426

379,582,472

420,774,151

150,473,421

5,530,849,574

1,726,216,001

3,583,306,193

981,383,332

2

Interest and similar expense:

Customers Deposits

767,373,275

192,706,424

281,069,361

95,932,132

Debt issued and other borrowed funds

1,097,819,380

446,192,585

851,300,200

261,978,690

1,865,192,655

638,899,009

1,132,369,561

357,910,822

3

Net fees and commission income

Fees and commission income

Credit related fees and commission

233,099,569

71,771,851

71,628,000

12,055,030

Commission on turnover

235,000

-34,437,878

28,231,836

7,582,214

Account maintenance

49,204,033

49,173,988

52,349

19,888

Other commissions

46,483

-79,517

318,000

121,500

282,585,085

86,428,444

100,230,185

19,778,632

-

-

4

Other operating income

Investment Income

650,412,500

145,690,000

623,849,193

129,512,500

Rental Incomes

47,310,000

-31,816,933

62,118,025

52,210,668

Others

101,371,813

101,371,813

24,151,477

10,786,447

799,094,313

215,244,880

710,118,695

192,509,615

5

Impairment losses

80,989,375

25,717,872

199,383,197

7,269,320

Credit loss expense

80,989,375

25,717,872

199,383,197

7,269,320

6

Personnel expenses

Salaries and Wages

424,325,107

112,127,276

347,795,106

104,297,842

Other staff costs

126,661,233

47,861,637

61,292,459

26,472,504

Pension costs - Defined contribution plan

31,581,018

8,584,924

24,645,447

7,833,874

-

-

582,567,357

168,573,837

433,733,012

138,604,219

7

Other operating expenses

-

0

Advertising and marketing

71,825,506

48,723,365

24,000,656

15,208,913

Administrative

123,722,157

27,815,124

95,754,996

30,865,228

Professional fees

53,351,011

20,260,909

58,489,031

36,345,254

Others

703,286,713

224,771,391

630,030,805

214,585,644

952,185,388

321,570,789

808,275,487

297,005,039

8

Dividends paid and proposed

Declared and paid during the year

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

-

9

Cash and balances with central bank

Cash on hand

13,341,955

5,870,970

Deposits with the Central Bank

249,482,624

107,165,390

Less: Allowance for impairment losses

-

-

262,824,579

113,036,360

10

Due from banks

Placements with banks

6,780,000,000

3,080,000,000

Balances with banks within Nigeria

604,329,730

322,381,295

Interest Rec

191,356,591

75,634,835

7,575,686,321

3,478,016,130

Less: Allowance for impairment losses

-

7,575,686,321

3,478,016,130

11

Loans & Advances

By Product Type

Mortgage Loans

30,624,053,922

16,607,192,595

Other Loans

108,060,572

59,936,184

Gross Loans

30,732,114,495

16,667,128,779

Impairment

(727,879,338)

(472,946,947)

30,004,235,157

16,194,181,832

12

Investment Securities

FVOCI

908,133,329

908,133,329

Held at Amortised Cost

421,588,272

719,837,745

1,329,721,601

1,627,971,074

Notes to the Financial Statements

Jan - Dec

Oct - Dec

Jan - Dec

Oct - Dec

for the 12 Months Ended 31 December, 2025

2025

2025

2024

2024

N

N

N

N

13

Other assets

Prepayments

97,517,120

60,103,823

stationery stocks

1,002,451

1,002,451

Other stocks

618,093,593

779,163,698

Account receivables

24,614,753

20,093,151

Other debit balances

543,953,095

170,994,118

1,285,181,012

1,031,357,241

Less:

Allowance for impairment on other assets

(1,355,283)

(188,000)

1,283,825,729

1,031,169,241

14

Deferred tax

Deferred tax liabilities

10,406,456

10,406,456

Deferred tax assets

-

-

10,406,456

10,406,456

15a

Intangible assets

Computer Software

Cost

147,466,843

113,311,528

Accummulated Amortisation

(90,380,791)

(77,006,973)

Net Book value

57,086,052

36,304,555

15b

Amortisation charge for the year

Computer Software

13,373,819

9,894,587

13,373,819

9,894,587

16a

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

(668,620,519)

(628,900,635)

Net Book value

3,559,438,219

2,248,191,413

Work in Progress

Cost

-

9,997,014

Accummulated Depreciation

-

-

Net Book value

-

9,997,014

Plant & Equipment

Cost

310,182,087

298,016,187

Accummulated Depreciation

(255,469,204)

(236,873,680)

Net Book value

54,712,883

61,142,507

Computer and Equipment

Cost

165,427,403

117,705,153

Accummulated Depreciation

(95,649,043)

(80,082,383)

Net Book value

69,778,360

37,622,770

Furn & Fittings:

Cost

73,533,022

72,873,022

Accummulated Depreciation

(67,770,809)

(64,942,591)

Net Book value

5,762,212

7,930,431

Motor Vehicles

Cost

274,731,000

210,731,000

Accummulated Depreciation

(166,105,622)

(141,635,359)

Net Book value

108,625,378

69,095,641

Total Property and Equipment

Cost

5,482,958,970

3,821,729,451

Accummulated Depreciation

(1,253,615,197)

(1,152,434,647)

Property and equipment

4,229,343,772

2,669,294,803

16b

Current Depreciation Charge

Furn & Fittings

2,828,219

4,502,753

Buildings

39,719,885

29,279,670

Computer Equipment

15,566,661

14,407,282

Motor Vehicles

24,470,263

19,909,824

Office Equipment

16,721,055

17,742,637

Plant & Equipment

1,874,469

1,562,809

101,180,551

87,404,974

17

Non Current Assets Held for Sale

-

-

18

Due to customers

Analysis by type of account:

Demand

4,273,256,289

6

3,126,912,968

Notes to the Financial Statements

Jan - Dec

Oct - Dec

Jan - Dec

Oct - Dec

for the 12 Months Ended 31 December, 2025

2025

2025

2024

2024

N

N

N

N

Savings

912,948,242

420,972,686

Time deposits

5,527,169,687

2,354,178,065

Interest payables

117,955,415

62,331,523

10,831,329,633

5,964,395,242

19

Debt issued and other borrowed funds

Other Long Term Loans FMBN

3,107,270,143

3,227,783,240

Nigeria Mortgage Refinance Company

1,747,483,885

1,897,050,938

DBN

2,204,306,735

3,192,663,052

MRIEF

11,825,404,538

-

18,884,465,300

8,317,497,230

20

Current tax liabilities

Current tax

121,037,824

Company Income tax

121,037,824

241,364,871

Education tax

-

-

Information technology levy

-

-

current tax liability

121,037,824

241,364,871

Tax Prior year

205,348,484

-

Total current tax

326,386,307

241,364,871

Deferred tax

-

-

Origination/ reversal) of temporary differences

Total income tax expense

21

Other liabilities

Provision and accrual

380,302,486

313,890,190

Sundry Creditors

94,167,783

116,947,455

Unclaimed Dividend

897,680

4,837,204

Other Payables

1,504,821,656

939,939,723

1,980,189,605

1,375,614,573

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 accompanying 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 31 December 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

Dec-25

REPORTING PERIOD

QUARTER 4, 2025

SHARE PRICE AT END OF REPORTING PERIOD

N7.00 (2024: N7.1)

Dec-25

Sep-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%

Free Float in Units and Percentage

452,494,875

10.85%

452,923,375

10.86%

Free Float in Value

3,167,464,125

3,170,463,625

ITMB Plc with a free float percentage of 10.86% as at 31 DEC, 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 10.86% as at 30 SEPT, 2025 has not fully complied with the Exchange's free float

requirements for companies listed on the Main Board