2021 Half Year Results: LivingTrust Mortgage Bank Boosts Profit by 643% to N308.26M

Femi Ashekun/

LivingTrust Mortgage Bank Plc grew its profit after tax by 643% Year on Year in second quarter of 2021 to stand at N308.26 million.

This was contained in its quarterly unaudited financial statements released for the period ended 30th of June, 2021.

The result marked a meteoric rise in performance compared with the first quarter results in which it recorded N100.56 million profit after tax.

The bank’s excellent performance could be directly attributed to a mix of continuous innovative approach to banking by its Board and Management, as well as a potpourri of bespoke financial products and services it has continued to offer its customers.

The bank’s focus to deliver triple digit growth has resulted in a growing and diverse customer base. It is also believed to have prompted its decision to transition from Regional to a National Mortgage Bank.

Key Highlights:

Gross Earnings grew by 263%% to N664m from N252m in the previous quarter.

Profit before tax grew by 643% to N308m.

Profit after tax grew by 643% to N308m.

Net fee and commission income of N80.2 million (+386% YoY).

Operating income was N576.8 million (+178% YoY).

Operating expenses totalled N260.92 million (+63% YoY).

Earnings per share of 6.17 kobo Vs 0.83 kobo YoY.

Total assets for the period stood at N8.71 billion.

What you should know:

LivingTrust Mortgage Bank Plc is a public limited liability company domiciled in Osun State, Nigeria, with offices in Lagos and Abuja.

Cititrust Holdings Plc acquired 60% ownership of the bank in year 2020, after which its name was changed from Omoluabi Mortgage Bank to LivingTrust Mortgage Bank Plc.

Following the acquisition by Cititrust, a new Board and Management, led by a former Group Managing Director of Odua Investment Company Limited, Alhaji Adebayo Jimoh, and a seasoned banker, Mr Adekunle Adewole, were respectively put in place to drive the bank’s repositioning.

The bank has concluded plans to raise capital of additional N3 billion to enhance its capacity to do its business of making housing more accessible and affordable to Nigerians at home and in diaspora, leveraging on superior technology and on-going partnerships with other institutional mortgage lenders.

See link to results.

0