Ololade Adeyanju/
LivingTrust Mortgage Bank has reported a net profit of N507 million in 2021, marking a 283% surge compared to the N132.4 million profit recorded in the previous year.
The bank also declared a final dividend of 6 kobo per share, summing up to a total dividend payout of N300 million to its shareholders for the 2021 financial year. This is six times the N50 million paid as dividends in 2020.
The dividend declared represents 59.2% of the profit after tax announced by the bank.
This is according to information contained in the bank’s audited 2021 financial statement
The statement shows that the bank’s gross revenue skyrocketed by 149% from N625.6 million recorded in 2020 to N1.63 billion in 2021.
A further breakdown of the report reveals that interest income jumped by 202% from N374.1 million recorded in the previous year to N1.13 billion in the review year.
Meanwhile, the bank incurred a sum of N261.2 million as income tax for the year, which is significantly higher than the N19.1 million recorded in the previous year.
In the same vein, its total asset increased by 81% from N6.3 billion recorded as of the end of 2020 to stand at N11.39 billion at the end of December 2021.
The bank’s earnings per share stood at 10.1kobo in 2021.
According to the information on the Nigerian Exchange, the dividend is set to be paid on June 6th 2022 subject to appropriate withholding tax. The dividends will be paid to shareholders on the register as of 16th May 2022.
Based on its current share price, LivingTrust Mortgage Bank’s dividend yield stands at 4.84% as of 14th April 2022, as its share price trades at N1.24 per share, increasing by 19% year-to-date.
Commenting on the report, the MD/CEO of LivingTrust Mortgage Bank, Adekunle Adewole said, “despite the strong global headwinds in the year 2021, coupled with economic vulnerabilities and uncertainties in the local economy, the bank pulled strong in all performance indices, recording double and triple digits growth, with a revised proposal to reward shareholders with N0.05 for every share held, representing a 500% growth from the N0.01 dividend paid in 2020.
“The 2021 result is a further attestation to our resilience, smart business model and unique propositions driven by a highly motivated workforce, always ready to go the extra mile in delivering superior value to our customers.”
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