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H1 2021: LivingTrust Mortgage bank boosts profit by 643% to N308.36m

H1 2021: LivingTrust Mortgage bank boosts profit by 643% to N308.36m

LivingTrust Mortgage Bank Plc has grown its profit after tax by 643 percent year on year in the 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 swift 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.

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Gross Earnings grew by 263 percent to N664m from N252m in the previous quarter. Profit before tax grew by 643 percent to N308m. Profit after tax grew by 643percent to N308m. The bank recorded net fee and commission income of N80.2 million (+386percent YoY).

Operating income was N576.8 million (+178percent YoY). Operating expenses totalled N260.92 million (+63 percent YoY). Earnings per share is 6.17 kobo Vs 0.83 kobo YoY and total assets for the period stood at N8.71 billion.

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 percent ownership of the bank in 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, Adekunle Adewole, were respectively put in place to drive the bank’s repositioning.

The bank has concluded plans to raise capital of an 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 ongoing partnerships with other institutional mortgage lenders.