LivingTrust Mortgage Bank has reported a 31.6 percent surge in interest income to N2.2 billion in nine months of 2024, compared to N1.6 billion in the same period of 2023, thanks to rising customer loans and advances.
According to data from the Nigerian Exchange Limited (NGX), the bank’s gross earnings increased by 34.8 percent to N2.7 billion in the third quarter (Q3) of 2024, from N1.9 billion in 2023.
A breakdown indicates that other loans expanded by 38.8 percent to N1.6 billion from N1.08 billion while mortgage loans to customers stood at N597.2 million.
The bank’s interest expense also grew to N939 million, from N600 billion, on the back of a 44.7 percent increase in interest from other loans and advances.
Net fees and commission revenue declined by 17.4 percent to N66.7 million, from N78.6 million, while other operating income grew by 48.7 percent to N409.8 million from N249.2 million.
Read also: LivingTrust Mortgage Bank’s profit rises 67% in H1
The decline in the fees and commission income was mainly due to decrease in credit-related fees and commission to N44.9 million from N65.9 million and accounted for 39 percent of total fees and commission income in nine months. Commission on turnover and other commissions stood at N19.8 million and 1.9 million respectively.
LivingTrust reported a 32.3 percent increase in total operating income to N1.8 billion from N1.3 billion while total operating expenses stood at N1.03 billion in Q3 2024.
Further analysis shows that the bank’s pre-tax profit increased to N779.9 million from N534.5 million while profit after-tax was N751.7 million due to an increase in income tax credit of N28.3 million in Q3 2024.
Cash generated from operating activities increased to N1.4 billion from N1.3 billion, cash from financing activities grew to N3.6 billion from N279.5 million while cash and cash equivalents stood at N5.04 billion.
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