By Kayode Tokede
Livingtrust Mortgage Bank Plc reported 90.3 per cent increase in loans and advances to customers in its unaudited full year ended December 31, 2021 result and accounts released on the Nigerian Exchange Limited (NGX).
The Mortgage Bank loans to customers moved to N7.76billion in unaudited 2021 from N4.08billion reported in audited full year results for period ended December 31, 2020.
This implies that LivingTrust Mortgage Bank gave loans up to N3.68billion to customers between January and December of 2021.
From the company’s balance sheet position, due to customers also rose by 91.1 per cent to N5.01billion in unaudited December 31, 2021 from N2.62billion reported in audited December 31, 2020.
The growth in loans to customers and due to customers contributed to Livingtrust Mortgage Bank’s total assets that grew by 80.2 per cent to N11.35billion in unaudited full year ended December 31, 2021 from N6.3billion reported in 2020.
The Mortgage Bank grew its profit after tax by 333.4 per cent in the full year unaudited of 2021 to stand at N573.62million from N132.4million reported in audited full year ended December 31, 2020.
Also from the profit & loss figures, it grew profit before tax by 346.8 per cent to N676.61million in unaudited 2021 from N151.4million in audited 2020 result and accounts.
Gross earnings during the period grew by 149.4 per cent to stand at N1.63billion in unaudited 2021 results, compared to N652.62 million recorded in the comparable period of 2020.
LivingTrust Mortgage Bank, however, reported total operating expenses of N690.56 million in its unaudited full year ended December 31, 2021 from N408.86million reported in 2020.
The bank’s performance can be attributable to the investment by the pan-African financial services conglomerate, Cititrust Holdings Plc in 2020, which consequently changed the name from Omoluabi Mortgage Bank to LivingTrust Mortgage Bank.
The Mortgage Bank focus to deliver double-figure growth is evident in its investment of a sum of N35.04 million in the purchase of property, plant, and equipment during the period compared to the corresponding period of last year when nothing was allocated to this.
LivingTrust Mortgage Bank, formerly Omoluabi Mortgage Bank Plc is a public limited liability company domiciled in Osun State, Nigeria.
Cititrust Holdings Plc acquired 60per cent ownership of the bank last year, after which its name was changed from Omoluabi Mortgage Bank to LivingTrust Mortgage Bank Plc.
Following the acquisition by Cititrust, a new Board and Management, led by a former Group Managing Director of Odua Investment Company Limited, Alhaji Adebayo Jimoh, and, Mr Adekunle Adewole, were respectively put in place to drive the bank’s repositioning.
LivingTrust recently applied to the Securities and Exchange Commission (SEC) to inject additional N3 billion equity into the bank.
The holding company had announced its intention to transform the bank from a Regional to a National Mortgage Bank.