Omoluabi Mortgage Bank Plc, a Mortgage carrier company in the Financial Services sector has changed its name to LivingTrust Mortgage Bank Plc.
The change of name was approved by the Bank’s shareholders at its Annual General Meeting held on July 2, 2020. The company made this known via a statement on the Nigerian Stock Exchange platform.
The Mortgage Bank said the name change followed the approval granted to it by the Central Bank of Nigeria and Corporate Affairs Commission.
In the same vein, the Bank also announced the launch of a new mobile app, named TrustMobile, and a new corporate website.
TrustMobile is the official mobile banking smartphone application from LivingTrust Mortgage Bank. It brings a whole new experience to the digital space and provides convenient access to both financial and non-financial transactions by LivingTrust account holders via their mobile phones/devices. The App is sleek and comes with sophisticated features, highly secure, impeccable user experience, easy and convenient to use.
The Bank’s financials:
Omoluabi Mortgage Bank Plc recorded a revenue decline of N231.3m for H1 2020, as against N247.1m recorded in H1 2019, representing a decline of 6.3%
Its interest and similar income for the first half of the year increased to N124.9m from N105m in H1 2019. This represents an increase of 18.95%.
Profit before tax stood at N41.4m, compared to the N62.6m recorded in the first half of 2019. This represents a decline of 33.7%.
Mortgage banks in the country have been hard hit by the COVID-19 pandemic, the half-year financial results of the companies listed on the Nigerian Stock of Exchange have shown.
Omoluabi Mortgage Bank was incorporated in 1993 as Osun Building Society Limited and later changed to Livingspring Savings and Loans Limited with Head Office in Osogbo, Osun State.
It was established to provide Mortgage banking services, Mortgage Financing, Real Estate Construction Financing and General Financial Services. The name was later changed to Omoluabi Mortgage Bank Plc and in 2014, listed its shares on the Alternative Securities Market (ASeM) of The Nigerian Stock Exchange (NSE); emerging the first company to do so.
In 2019, CFS (Cititrust Financial Services) Group Plc invested into the bank and became the majority shareholder, setting the stage for the bank to be more competitive with wider coverage in our service delivery.
The company is also accredited by the Federal Mortgage Bank of Nigeria (FMBN) for the National Housing Fund (NHF) scheme and a subscriber to the Nigerian Mortgage Refinance Company Plc. (NMRC).