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LivingTrust ramps up gross earnings to N1.7bn, highest in five years

LivingTrust ramps up gross earnings to N1.7bn, highest in five years

LivingTrust’s gross earnings rose to N1.74 billion on increased interest and similar income in the nine months of this year, analysis by BusinessDay shows.

Interest income surged to N1.34 billion in the nine months of 2022,85.7 percent increase from N721.3 million in the year-ago period.

BusinessDay analysis showed interest income was driven mainly by other loans and advances to customers and mortgage loans to customers which contributed N758.7 million and N581.6 million respectively.

Mortgage loans to customers increased to N581.6 million in September 2022, up 70 percent from N342 million in September 2021.

Other loans and advances to customers increased to N758.7 million up 100 percent from N379.3 million in September 2021.

The mortgage bank incurred interest and similar expenses of N317.6 million in September 2022, a 108.6 percent increase from N152.2 million in September 2021.

Net interest income increased to N1.02 billion in September 2022, 79.2 percent from N569.1 million in September 2021.

Fee and commission income increased by just 0.8 percent to N125 million in September 2022 from N124 million in September 2021.

Profit before tax increased to N749 million in September 2022, up 40.4 percent from N533.3 million in September 2021.

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Investment Income surged 12.2 percent to N7.36 million in September 2022 from N6.56 million in September 2021.

Personnel expenses rose to N193 million in September 2022, 53.6 percent from N125.6 million in September 2021.

LivingTrust spent N5.96 million on advertising and marketing in September 2022, up 193 percent from N2.03 million in September 2021.

Prepayments rose to N283.4 million in September 2022, up 379 percent from N59.1 million in September 2021.

Net cash from operating activities recorded a negative of N1.07 billion from a positive cash flow of N1.02 billion.

Net cash from financing activities recorded N108 million from N38.4 million negative cash flow year on year in the reviewed period.

Cash and cash equivalents dropped to N1.53 billion as of 30 September 2022 from N2.1 billion in September 2021.

Total assets increased to N13.3 billion in the nine months ended 2022, a 16.6 percent increase from N11.4 billion in December 2021.

Total equity dropped 10 percent to N2.9 billion in September 2022 from N3.22 billion in December 2021.

Basic earnings per share stood at N13.46 in the nine months of 2022 from N10.67 in the nine months of 2021.

Two months ago, the firm appointed regional trade expert and professor of International Relations, Charles Ukeje and seasoned banker and former Chairperson of the Governing Board of National Commission on Museums and Monuments, Mamman-Da Umma Dambo, as Non-Executive Directors.

The appointments followed the exit of Adeniran Adewole, who voluntarily resigned from the board of the bank as a non-executive director, on September 15, 2022.

The announcement of Adewole’s resignation and the new appointments were contained in a notice to Nigerian Exchange Limited, dated October 24, 2022 and signed by Timothy Gbadeyan, the Company Secretary.