Living Trust Mortgage Bank announces 58.5% growth in Profit After Tax to N489.6m
By Philemon Adedeji
Living Trust Mortgage Bank plc has announced its interim unaudited financial statement for the half year H1 ended 30th June , 2022, announcing 58.5 per cent growth in profit after tax (PAT) to N489.6 million.
From the data sourced under the platform of Nigerian Exchange Limited (NGX), Living Trust Mortgage Bank recorded a significant jump of 72.3 per cent of profit before tax , which moved impressively from N308.3 million in half year H1 2021 to N531.02 million in half year H1 2022.
The group reported earnings per share which rose by 136 per cent to N9.79 kobo derived in Half year H1 2022 from N4.15 kobo derived in half year H1 2021.
Certainly, the growth that occurred in profits was driven by 68.6 per cent increase in gross earnings to N1.12 billion in half year H1 2022 from N664.1 million in half year H1 2021.
However, total operating income declared by the group grew to N937.033 million in half year H1 2022 from N576.8 million in half year H1 of 2021, this revealed an improvement of 62 per cent, as net operating income appreciated to a 58.6 per cent which moved significantly from N902.9 million in half year H1 2021 to N569.173 million in half year H1 2022.
Another top-line performance in the unaudited financial statement ended 30th June 2022, is net interest income which gained 103 per cent to N666.5 million in H1 2022 from N328 million in half year H1 2021.
ANALYSIS FROM BALANCE SHEET
In the interim unaudited financial results, Living Trust Mortgage Bank recorded total assets as total liabilities improved further.
The group total assets achieved by 4 per cent growth to N11.838 billion in half year H1 2022 from N11.386 billion in half year H1 2021, In 2022 unaudited results and accounts for the period ended 30th June, 2022.
As total liabilities gained 55 per cent to N8.798 billion in half year H1 2022 from N5.668 billion in half year H1 2021.
But, total equity had a challenge which depreciated by 3.8 per cent to N2.924 billion in half year H1 2022 from N3.041 billion in half year H1 2021.
In addition, total liabilities and equity increased by 35 per cent to N11.722 billion in half year H1 2022 from N8.709 billion in half year H1 2021.
Living Trust Mortgage Bank plc is a financial services institution in Nigeria offering banking products and services for the retail, commercial and corporate sectors.
It was established to provide mortgage banking services, mortgage financing, real estate ,construction financing and general financial services.
