The earnings of three listed mortgage banks in Nigeria rose by 54.2 percent in the first six months of 2024, according to data compiled by BusinessDay analysis.
The latest financial statements of InfinityTrust Mortgage Bank, Abbey Mortgage Bank, and LivingTrust Mortgage Bank show that their after-tax profit grew to N1.65 billion in the first half from N1.07 billion in the same period of 2023.
Mortgage banks specialise in making loans secured by mortgages for specific properties. They offer various loan products at competitive rates.
Further analysis revealed that LivingTrust recorded the highest growth in profit of 82.9 percent, followed by Abbey with 51.08 percent, and Infinity Trust (42.6 percent).
In terms of value, InfinityTrust recorded the highest of N718.5 million followed by Abbey (N508.1 million) and LivingTrust (N423.6 million).
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Analysis of individual firms
InfinityTrust Mortgage Bank
InfinityTrust Mortgage’s after-tax profit rose to N718.5 million in the first six months of 2024 from N503.9 million in the same period last year.
Its revenue increased to N1.8 billion from N1.3 billion while its interest and similar income grew to N1.5 billion from N1.1 billion.
The mortgage bank’s total assets increased to N23.9 billion from N19.6 billion with a breakdown from dues from banks which amounted to N2.8 billion from N1.2 billion, loans and advances to customers grew to N16.4 billion from N14.5 billion.
InfinityTrust engages in providing mortgage banking, construction finance, and other financial services to corporate and individual customers.
It was founded in 1992 and is headquartered in Abuja, Nigeria. Its products include mortgage finance, fund management, and electronic banking.
Abbey Mortgage Bank
The after-tax profit of Abbey Mortgage increased to N508 million in the first six months of 2024 from N336.3 million in the same period last year.
Its interest income increased to N4.8 billion from N3.04 billion while its interest expenses grew to N3.3 billion from N1.9 billion.
The mortgage bank’s total assets increased to N70.9 billion from N57.5 billion with a breakdown from dues from banks and other financial institutions which amounted to N20.5 billion from N12.7 billion, and financial investments on securities at amortised cost grew to N35.9 billion from N26.8 billion.
Abbey Mortgage is one of the primary mortgage institutions in Nigeria, with over 27 years of experience providing mortgages for both individuals and corporate organizations so you have come to the right place.
It finances and facilitates the provision of economical housing units for interested home seekers, developers, cooperatives, real estate-related services, and landed properties that empower them to access housing finance.
Read also: Operators recognize regulators’ role in mortgage banks N5bn recapitalization
LivingTrust Mortgage
The earnings of LivingTrust Mortgage Bank rose to N423.6 million in the first six months of 2024 from N231.6 million in the same period last year.
Its revenue increased to N1.8 billion from N1.3 billion while its interest and similar income grew to N1.4 billion from N1.1 billion.
The mortgage bank’s total assets increased to N19.9 billion from N14.1 billion with a breakdown from dues from banks which amounted to N4.7 billion from N1.2 billion, loans and advances to customers grew to N12.9 billion from N11.3 billion.
LivingTrust Mortgage, formerly Omoluabi Mortgage Bank Plc is a financial services institution in Nigeria offering banking products and services for the retail, commercial, and corporate sectors.
It specialises in mortgage financing and provides products that include national housing fund mortgage loans, commercial mortgages, property acquisition loans, and loans for the business, construction, and trading sectors.
