LivingTrust Mortgage Bank Reports 56% Increase in Earnings in 2023

A 56 percent increase in earnings for 2022 has been declared by LivingTrust Mortgage Bank Plc in its report for the last quarter of the year.

The report showed that the mortgage bank earned a gross profit of N2.539 billion at the end of 2022 from the N1.627 billion made in 2021.

The bank also realised a pre-tax profit of N1.026 billion in the period showing an improvement of 33 percent from N768.210 million in the corresponding period in the previous year. The net profit after tax sees the bank bag an amount of N909.151 million a big difference from the N506.962 million made the previous year.

A 47.09 percent positive change sees the total operating income of the bank fall at N2.052 billion in 2022  from N1.395 billion that was realised in 2021.

The report elucidated that the bank operating expenses also increased to N928.218 million at the end of 2022 from the N681.387 million spent in 2021, a 36 percent increase.

The growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions, the report explained.

According to the report, the company reported net interest income was N355.46 million compared to N327.46 million a year ago. Net income was NGN 236.33 million compared to NGN 153.31 million a year ago.

Basic earnings per share from continuing operations was NGN 0.05 compared to NGN 0.03 a year ago.

For the full year, net interest income was NGN 1,378.16 million compared to NGN 898.43 million a year ago. Net income was NGN 909.15 million compared to NGN 506.96 million a year ago while basic earnings per share from continuing operations was NGN 0.18 compared to NGN 0.1014 a year ago. 

The report had on it, the assent of the bank’s Managing Director and CEO, Adewole Adekunle and its financial controller, Adesina Yemisi Funmilayo.