LivingTrust mortgage bank, in its second-quarter financial books, saw net fee and commission income at N99.4 million, the highest in six years, according to findings by BusinessDay.
Net fee and commission income is the actual revenue generated from charges after expenses incurred from providing the services have been deducted.
The mortgage bank’s net fee and commission income grew by 24 percent to N99.4 million in June 2022, c from N80.2 million in June 2021.
Profit after tax stood at N489.6 million in June 2022, a 59 percent increase coming from N308.2 million in the prior year.
Interest and similar expenses climbed a high of 109 percent to N182.7 million, as against N87.2 million in the prior year. Net interest income also grew to N666.5 million in June 2022, a massive 103 percent from N328.2 million in June 2021.
The company’s other operating income stood at N171.1 million, just a 1 percent increase from N168.4 in the half-year of 2021.
Total comprehensive income grew to N489.6 million in half-year 2022, 59 percent as against N308.2 million in the prior year.
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Net operating income climbed 58.7 percent to reach N903 million in June 2022, coming from N569 million in the previous year. Total assets jumped 3.5 percent to N11.8 billion, from N11.4 billion in June 2021.
However, total equity dropped 3.9 percent to N2.92 billion in June 2022, coming from N3.04 billion last year.
Property and equipment jumped to N332.2 million, 31.4 percent from N252.8 million in June 2021.
The mortgage bank’s personnel expenses increased to N193 million, a 53.7 percent jump from N193 million.
Total operating expenses jumped to 193 million, 54 percent coming from N125 million recorded in the corresponding period of 2021.
Loans and advances to customers increased by just 0.1 percent to N7.86 from N7.85 in the comparable period.
Net cash from operating activities jumped to a loss of N1.22 billion in June 2022, coming from a gain of N789.6 million in June 2021.
Net cash from investing activities recorded N77.03 million from N33.8 million year-on-year loss. Net cash from financing activities grew to N119.8 million, as against N85.4 million year-on-year loss.
Basic earnings per share grew to N9.79 from N4.15 in June 2021.
LivingTrust Mortgage Bank is a primary mortgage bank in Nigeria regulated by other financial institutions department of the central bank of Nigeria. It was established to provide mortgage banking services, mortgage financing, real estate construction financing, and general financial services.
