LivingTrust Mortgage Bank Projects N85M Profit for Q1 2021

Femi Ashekun/

LivingTrust Mortgage Bank Plc released its earnings forecast for the first quarter of 2021.

In the forecast statement published on the website of Nigeria Stock Exchange, LivingTrust Mortgage Bank Plc (formerly Omoluabi Mortgage Bank) projected N85,010,977 Profit After Tax for the first quarter of 2021.

Q1 2021 Forecast Breakdown is as follows:
Gross Earnings – 413,632,402
Interest Income – 337,623,982
Interest Expense – (107,532,024)
Net Interest Income – 230,091,958
Fees & Other Income – 76,008,420
Impairment for Credit Loss – (30,000,000)
Net operating income – 276,100,378
Operating Expenses – (186,104,212)
Profit Before Tax 89,996,166
Provision For Taxation – (4,985,189)

Living Trust Mortgage Bank is currently recapitalizing to become a National Mortgage Bank before the end of Q2 of 2021.

The bank recently announced its unaudited third-quarter 2020 financial results, which showed an impressive performance, as revenue went from N120 million in Q3 2019 to N192 million Q3 2020.

The bank also reported an impressive leap in profits in the third quarter of 2020, as profit after tax increased from a meagre N3.34 million in the third quarter of 2019 to an impressive N71.43 million in 2020; the company witnessed improvement in its operations, owing to an effective mix of revenue optimization and cost minimization strategies by the new management and the board of the company.

Pan Africa investment and financial services company, CITIRUST Holdings Plc recently bought 60% stake in the bank, paving the way for a new board and management.

The bank offers residential and commercial mortgage financing services. It also provides mortgage products which include national housing fund mortgage loans, commercial mortgages, property acquisition loans, and other financial services.

LivingTrust Mortgage Bank serves customers in Nigeria and Nigerians in diaspora.

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