LivingTrust Mortgage Bank Plc exhibited robust financial performance in the first half of 2025, demonstrating significant growth across key financial indicators. The bank’s unaudited results revealed a profit after tax of N551.28 million, a substantial 30.1% increase compared to the N423.65 million recorded in the corresponding period of 2024. This impressive growth was fueled by a surge in gross earnings, which climbed to N3.02 billion from N1.75 billion in the first half of 2024. The primary drivers behind this revenue expansion were substantial increases in interest income, fees and commissions, and income from treasury operations, reflecting the bank’s diversified revenue streams and effective operational strategies. This upward trajectory positions the bank favorably for continued growth and enhanced profitability in the coming periods.
A closer examination of the bank’s income statement reveals the specific sources of this revenue growth. Interest and similar income experienced a significant rise, reaching N2.05 billion compared to N1.40 billion in the first half of 2024, representing a strong 47% increase. While interest expenses also increased to N1.58 billion from N585.66 million due to the rising cost of funds, the substantial growth in interest income more than offset this increase. Furthermore, non-interest income sources also contributed significantly to the bank’s positive performance. Fee and commission income rose to N86.88 million from N40.27 million, and other operating income more than doubled to N543 million from N285 million. A notable contributor was the income from treasury bills, which jumped to N342.79 million from a mere N31.69 million, showcasing the bank’s astute investment strategies and favorable market conditions.
Despite increased operating expenses, LivingTrust Mortgage Bank effectively managed costs to maintain strong bottom-line performance. Personnel expenses increased to N334.57 million from N256.84 million, while other operating expenses rose to N475.20 million from N304.46 million. These increases reflect inflationary pressures and the bank’s operational expansion, indicating investments in human capital and infrastructure to support future growth. Although impairment charges saw a slight increase to N4.53 million from N125 million in the previous period, the impact on overall profitability was minimal due to the robust growth in revenue streams. After accounting for a tax expense of N11.25 million, the bank achieved a profit after tax of N551.28 million, with earnings per share rising to 11.03 kobo from 8.47 kobo in the first half of 2024.
The bank’s balance sheet also reflects its healthy financial standing. Total assets grew to N28.88 billion from N24.05 billion recorded at the end of 2024, primarily driven by a 25% increase in loans and advances to customers, which rose from N14.02 billion to N17.57 billion. This growth in lending activity demonstrates the bank’s commitment to supporting economic activities and its ability to effectively deploy capital. Customer deposits also witnessed significant growth, reaching N19.42 billion from N15.19 billion at the end of 2024, showcasing increasing investor confidence and the success of the bank’s deposit mobilization efforts. Total liabilities stood at N23.83 billion, while shareholders’ equity remained stable at N5.05 billion, indicating a sound capital base.
LivingTrust Mortgage Bank’s strong operational performance generated robust cash flows. The bank generated N3.65 billion in net cash from operating activities during the first half of 2025, supported by strong inflows from customer deposits and loan repayments. This positive cash flow position provides the bank with the financial flexibility to pursue growth opportunities, invest in its operations, and enhance returns to shareholders. Cash and cash equivalents as of June 30, 2025, stood at N8.67 billion, a significant increase from N5.53 billion recorded in the same period of 2024, further bolstering the bank’s liquidity position and its ability to meet its financial obligations.
Looking at the broader picture, the reported full-year profit of N981.2 million for 2024, as reported by The PUNCH, further underscores LivingTrust Mortgage Bank’s consistent and strong financial performance. This record profit, being one of the highest in the bank’s history, sets a solid foundation for continued growth and success in the future. The bank’s strategic focus on diversifying revenue streams, prudent cost management, and effective capital deployment has contributed significantly to its robust financial health and positions it favorably for continued expansion and value creation for its stakeholders. This consistent profitability reinforces investor confidence and further solidifies LivingTrust Mortgage Bank’s position as a key player in the Nigerian mortgage banking sector.
