Q4 2022: Living Trust Mortgage Bank reports 33% growth in Profit Before Tax to N1.026bn

By Philemon Adedeji

Living Trust Mortgage Bank has released its audited financial  statement for the period ended December 31, 2022, reporting profit before tax (PBT) which increased significantly by 33 per cent to N1.026 billion in full year 2022 from N768.210 million recorded in full year 2021.

Absolutely, the growth in Profit Before Tax was mainly driven by significant improvement interest income boosted by loans and advances to customers and credit -related fees and Commission

From the data supplied under the floor of Nigerian Exchange Limited (NGX), the group declared gross earnings of N2.539 billion in 12 months of 2022 to N1.627 billion recorded in the comparable period of 2021. Living Trust Mortgage Bank Plc recorded a 56 per cent growth in gross earnings during the full year ended December 31, 2022.

Living Trust Mortgage Bank Profit After Tax stood at N909.151 million during the end of December 31, 2022 in contrast to N506.962 million recorded in full year 2021, reflecting a marginal difference of 79.3 per cent

The group total Operating expenses gained a 36 per cent to N928.218 million in full year 2022 from N681.387 million recorded in the corresponding period.

However, during the period the group total Operating income moved from N1.395 billion in 12 months of 2021 to N2.052 billion, representing an increase of 47.09 per cent

Living Trust Mortgage Bank was incorporated in 1993 as Osun Building Society Limited and later changed to Livingspring Savings and Loans Limited with Head Office in Osogbo, Osun State.

It was established to provide Mortgage banking services, Mortgage Financing, Real Estate Construction Financing and General Financial Services. The bank helps to offer a range of products and services all designed to help people live the best of life.