LivingTrust Mortgage Bank Plc Achieves Record Profitability and Growth in 2024
LivingTrust Mortgage Bank Plc has announced a remarkable financial performance for the year ended December 31, 2024, posting a profit of N981.2 million, one of the highest in its history. This achievement underscores the bank’s strategic focus on financial stewardship, risk management, asset quality, and driving profitability with a long-term vision. The bank’s audited financial statement reveals significant growth across key performance indicators, solidifying its position as a leading player in the mortgage banking sector.
The bank’s deposit base experienced substantial expansion, surging by 66% to reach N15.19 billion in 2024, compared to N9.14 billion in the preceding year. This growth represents the highest volume increase ever recorded by the bank, demonstrating its ability to attract and retain customer deposits. Furthermore, total assets witnessed an impressive 35% increase, reaching N24.04 billion in 2024, up from N17.79 billion in 2023. This growth signifies the bank’s effective asset management and its capacity to generate value from its investments.
The bank’s gross earnings also experienced a significant uplift, growing by 29.97% to reach N3.75 billion in 2024, in contrast to N2.89 billion in the corresponding period of 2023. This positive trajectory highlights the bank’s ability to generate revenue from its core operations and its strategic positioning within the market. The robust growth in gross earnings reflects the bank’s successful efforts in leveraging its resources and capitalizing on market opportunities.
Profitability metrics also exhibited substantial improvement. Profit before tax rose by a remarkable 47.40% to N981.2 million, compared to N665.65 million in 2023. Profit after tax also experienced a significant increase of 38.87%, reaching N789.14 million in 2024, up from N568.27 million in the previous year. These figures underscore the bank’s ability to translate its revenue growth into tangible bottom-line profitability. The bank’s earnings per share (EPS) further solidified its strong performance, reaching 15.78 kobo for the period, marking a 31.52% increase from 11.37 kobo in 2023. This increase in EPS reflects the bank’s commitment to maximizing shareholder value.
The management of LivingTrust Mortgage Bank attributes the bank’s exceptional financial performance to a combination of factors, including the unwavering loyalty of its customers and the patience of its shareholders. These stakeholders have consistently supported the institution through various stages of growth, strategic realignments, and market fluctuations. The bank’s success is also attributed to its clear strategic vision, disciplined execution, and unwavering dedication to value creation. The bank’s focus on these key elements has propelled its growth and contributed to its outstanding financial achievements.
Looking ahead, LivingTrust Mortgage Bank’s strong profitability positions it well to continue rewarding its shareholders. The bank has announced its intention to distribute dividends, subject to regulatory approval. This commitment to shareholder returns underscores the bank’s dedication to creating value for its investors. The bank remains focused on sustaining its growth trajectory and strengthening its position as a leading mortgage bank in the financial sector. Its robust performance, coupled with its commitment to customer satisfaction and shareholder value, lays a solid foundation for continued success in the future.
