…66% profitability increase in Q2
Living Trust Mortgage Bank Plc has posted impressive performance for the period ended June 30, 2024.
From the corporate filing at NGX, the Mortgage Bank recorded significant growth in the second quarter of 2024 when compared to the same period in 2023.
Despite the prevailing economic headwinds, the unaudited Q2-2024 results of Living Trust Mortgage Bank showed a 66% increase in operating profit over the previous year position for the same period.
The Total Assets of the Bank also grew in Q2-2024 by 41% over the half-year 2023 position. Some of the other material metrics including loans and advances, deposits and gross earnings all had a double-digit growth during the period under review.
Surprisingly, there was a marginal improvement in the Bank’s cost-to-income ratio, despite the hyperinflation in the macro economy, attributable to staff efficiency.
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Amid prevailing economic downturns fueled by depreciation of the local fiat currency, interest rate hikes, hyperinflation and the impacts of fuel subsidy removal, resulting in the shrinking of purchasing powers, Livingtrust Mortgage Bank achieved impressive growth in half-year 2024.
An engagement with the Top Management of the bank showed that the exciting half-year results were made possible by uncommon commitment of the members of staff and the loyalty of the Bank’s customers.
At a time of deposit flight with focus on exploiting the high interest rates on several guaranteed instruments, Customers have demonstrated loyalty and strong confidence in the Bank. In view of this, the Bank significantly grew its deposits by 55% during the period under review.
