LivingTrust Mortgage Bank Plc, formerly Omoluabi Mortgage Bank Plc, has grown its profit after tax by 643 per cent year on year in the second quarter of 2021 to stand at N308.26 million. This was disclosed in its quarterly unaudited financial statements released for the period ended 30th of June, 2021.
- Gross Earnings grew by 187% to N3.8bn from N2.9bn in the previous quarter.
- Profit before tax grew by 643% to N308m.
- Profit after tax grew by 643% to N308m.
- Net Assets declined by -1.8% from N2.8bn to N2.7bn.
- Share Price Currently Stands at N0:68k
The result marked a swift rise in performance compared with the first-quarter results in which it recorded N100.56 million profit after tax.
The bankâs excellent performance could be directly attributed to a mix of a continuous innovative approach to banking by its Board and Management, as well as a potpourri of bespoke financial products and services it has continued to offer its customers.
The bankâs focus to deliver triple-digit growth has resulted in a growing and diverse customer base. It is also believed to have prompted its decision to transition from Regional to a National Mortgage Bank.
Gross Earnings grew by 263 percent to N664m from N252m in the previous quarter. Profit before tax grew by 643 percent to N308m. Profit after tax grew by 643percent to N308m. The bank recorded a net fee and commission income of N80.2 million (+386percent YoY).
Operating income was N576.8 million (+178percent YoY). Operating expenses totalled N260.92 million (+63 percent YoY). Earnings per share is 6.17 kobo Vs 0.83 kobo YoY and total assets for the period stood at N8.71 billion.
LivingTrust Mortgage Bank Plc is a public limited liability company domiciled in Osun State, Nigeria, with offices in Lagos and Abuja. Cititrust Holdings Plc acquired 60 percent ownership of the bank in 2020, after which its name was changed from Omoluabi Mortgage Bank to LivingTrust Mortgage Bank Plc.