By Philemon Adedeji
Living Trust Mortgage Bank plc has declared its unaudited financial results for the period ended September 30, 2022, declaring profit before tax (PBT) which increased by 40.2 per cent to N748.8 million in third quarter (Q3) 2022 from N533.3 million recorded in the corresponding period of 2021.
Its unaudited results announced under the platform of Nigerian Exchange Limited (NGX), revealed Profit After Tax (PAT) which stood at N672.8 million in Q3 2022 compared with N533.2 million recorded during the corresponding period of 2021, the result reflects an improvement of 26.2 per cent, the impressive performance in profit was mainly driven by significant increase in net interest income.
Net interest income stood higher at N1.022 billion in nine months of 2022, up from N569.1 million in Q3 2021, revealing a marginal difference of 79.7 per cent.
Net operating income reported by the group stood at N1.364 billion during the end of third quarter in contrast to N960.05 million reported during the corresponding period of 2021, an increase of 43.7 per cent.
Another topline performance in the unaudited results ended September 30, 2022, is Total Operating Income which improved by 46.7 per cent to N1.420 billion in Q3 2022 from N967.8 million in Q3 2021.
However, The company unaudited results showed gross earnings of N1.737 billion accounted in Q3 2022 to N1.119 billion recorded in the comparable period of 2021, Living Trust Mortgage Bank plc has recorded a 55.2 per cent growth in gross earnings during the Q3 ended September 30, 2022.
Consequently, net fee and commission income slightly increased by 0.8 per cent to N125 million in nine months of 2022 from N123 million in nine months of 2021.
During the period under review, Earnings per share recorded grew significantly by 26.1 per cent to 13.46 Kobo in Q3 2022 from 10.67 Kobo achieved in Q3 2021.
In addition, for period of nine months loans and advances to customers improved further by 30.1 per cent to N9.773 billion in Q3 2022 from N7.512 billion in Q3 2021.
The group grew its balance sheet by 27 per cent from N10.509 billion in nine months of 2022 to N13.347 billion in nine months of 2021. As total liabilities gained a 34 per cent to N10.423 billion in nine months of 2022 from N7.777 billion in nine months of 2022, while total equity moved from N2.732 billion in Q3 2022 to N2.924 billion in Q3 2021, the group recorded a 7 per cent improvement in total equity during the third quarter ended September 30, 2022.