LivingTrust Mortgage Bank Plc released its earnings forecast for the first quarter of 2021.
In the forecast statement, LivingTrust Mortgage Bank Plc (formerly Omoluabi Mortgage Bank) projected ₦85,010,977 Profit After Tax for the first quarter of 2021. Also, it predicted profit before tax at N1.5 billion, over 200 percent more than the N500.12 million recorded in the third quarter of 2020.
Q1 2021 Forecast Breakdown
- Gross Earnings – 413,632,402
- Interest Income – 337,623,982
- Interest Expense – (107,532,024)
- Net Interest Income – 230,091,958
- Fees & Other Income – 76,008,420
- Impairment for Credit Loss – (30,000,000)
- Net operating income – 276,100,378
- Operating Expenses – (186,104,212)
- Provision For Taxation – (4,985,189)
Living Trust Mortgage Bank is currently recapitalizing to become a National Mortgage Bank to a Regional Mortgage Bank before the end of Q1 of 2021.
LivingTrust Mortgage Bank announced its unaudited third-quarter 2020 financial results, which showed an impressive performance, as revenue went from N120 million in Q3 2019 to N192 million Q3 2020.
The company reported an impressive leap in profits in the third quarter of 2020, as profit after tax increased from a meagre N3.34 million in the third quarter of 2019 to an impressive N71.43 million in 2020; the company witnessed improvement in its operations, owing to an effective mix of revenue optimization and cost minimization strategies by the management and the board of the company.
The Mortgage Bank offers residential and commercial mortgage financing services. The Company provides mortgage products which include national housing fund mortgage loans, commercial mortgages, property acquisition loans, and other financial services. Omoluabi Mortgage Bank serves customers in Nigeria.