LivingTrust Mortgage Bank Plc, formerly Omoluabi Mortgage Bank Plc released its Q2 2021 Unaudited results for the period ended June 30th, 2021. The company’s gross earnings grew by 187% to N3.8bn from N2.9bn in the previous quarter.
The company’s stellar performance could be directly attributed 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.
Brand Spur observed that LivingTrust’s profit (before and after tax) grew by 643% to N308million. Net Assets declined by -1.8% from N2.8bn to N2.7bn. However, operating income soared by 178% year-on-year to N576.8 million while operating expenses grew by 63% to N260.92 million.
LivingTrust Mortgage Bank Plc (formerly Omoluabi Mortgage Bank Plc) is a public limited liability company domiciled in Nigeria. The address of the Bank’s registered office is Old Governor’s Office, Gbongon Road, Osogbo, Osun State. The Bank obtained its license to operate as a Mortgage Bank on the 24 February 1999 and commenced operations in March 1999.
The Bank became a public limited liability company on 13 January 2014. The Bank changed its name from Omoluabi Mortgage Bank Plc to LivingTrust Mortgage Bank Plc on 7 October 2020.
The Bank is primarily involved in the business of Residential and Commercial Mortgage financing as well as construction finance among other financial services.