Nigeria: Livingtrust Mortgage Bank PLC Declares N981.20m Profit

LivingTrust Mortgage Bank Plc has declared a profit ₦981.2 million, one of the highest in the Bank's history.

This is according to its Audited Financial Statement for the year ended December 31, 2024.

In an increasingly challenging macroeconomic environment, marked by inflationary pressures, exchange rate volatility, and tighter regulatory oversight, the bank's management said the record profit stands as a testament to its strategic resilience.

According to the bank's board and management team, LivingTrust has demonstrated commendable financial stewardship, balancing risk, maintaining asset quality and driving profitability with a clear long-term view.

The bank said it grew its deposit by 66 per cent signifying the highest volume growth in the Bank's history to N15.19 billion from N9.14 billion the previous year while total asset of the Bank increased to N24.04 billion, a 35 per cent growth over N17.79 billion posted in 2023.

It reported a 29.97 per cent increase in gross earnings for the year ended December 31, 2024, amounting to N3.75 billion, compared to N2.89 billion in the same period of 2023.

The bank's record also shows a 47.40 per cent rise in Profit Before Tax, which increased to N981.20 million from N665.65 million in 2023. Profit After Tax grew by 38.87 per cent to N789.14 million, up from N568.27 million in the prior year.

The earnings per share for the period increased by 31.52 per cent to 15.78 kobo, from 11.37 kobo in 2023.

Beyond the numbers, the management said the profit rewards the loyalty of the bank's esteemed customers and patience of shareholders who have stood by the bank through cycles of growth, strategic clarity, disciplined execution and unwavering dedication to value creation.

It added that the level of profitability ensures that the culture of shareholder reward continues in an increasing fashion, as declared dividend becomes payable upon approval.

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