LivingTrust Mortgage Bank, a financial service institution in Nigeria, has recorded a 66.5 percent growth in its profit for the first six months of 2024, according to its latest unaudited financial statement.
The bank’s after-tax profit grew to N423.7 million in H1 from N254.7 million in the same period of 2023.
The rise in earnings are result of increased mortgage loans, advances to customers, deposits, and gross earnings from the bank.
The company disclosed in a statement that the bank’s impressive half-year performance is fueled by the commitment of its employees and the continued patronage of its customers.
“Despite a challenging economic climate marked by currency depreciation, rising interest rates, high inflation, and fuel subsidy cuts that reduced consumer spending, LivingTrust Mortgage Bank posted impressive growth in the first half of 2024,” it said.
Further analysis shows that the bank’s net operating profit surged by 79.6 percent to N1.04 billion from N787.2 million compared to the same period in 2023, showcasing significant growth.
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Its mortgage loans to customers increased to N381.9 million from N856.9 million while other loans and advances to customers grew to N1.04 billion from N723.3 million in the same period of 2023.
Its revenue surged by 35 percent to N1.75 billion from N1.29 billion in the previous year, defying current economic difficulties.
Net interest income increased to N809.6 million from N683.6 million.
Total equity and liabilities grew by 41.1 percent to N19.9 billion from N14.1 billion while cash and cash equivalents increased to N5.5 billion from N1.4 billion.
Due to customers on demand increased to N4.3 billion from N3.2 billion, savings grew to N1.2 billion from N710.2 million and time deposits surged to N5.5 billion from N2.4 billion resulting in a total of N10.96 billion from N6.3 billion in the same period of 2023.
LivingTrust Mortgage Bank formerly known as Omoluabi Mortgage Bank is a financial services institution in Nigeria that offers a range of banking products and services for the personal banking sector.
It specialises in mortgage financing and provides products such as national housing fund mortgage loans, commercial mortgages, property acquisition loans, and loans for the business, construction, and trading sectors.
