LivingTrust Mortgage Bank Posts N551m Profit In H1

LivingTrust Mortgage Bank Plc has posted a profit after tax of N551.3 million, representing a 30 per cent increase compared to N423.6 million recorded in the same period last year.

The unaudited financial statement for the period ended June 30, 2025, released on the Nigerian Exchange (NGX), showed that the bank saw a sharp rise in interest income, gains from treasury bills, and increased customer deposits, all of which boosted its earnings growth.

A breakdown of the result showed that gross earnings rose by 72.4 per cent year-on-year to N3.02 billion, compared to N1.75 billion in the corresponding period of 2024. Interest income on treasury bills grew to N342.8 million from N31.7 million in the same period last year.

Profit before tax stood at N562.5 million, up from 423.6 million in H1 2024, while basic earnings per share rose to 11.03 kobo, compared to 8.47 kobo in the previous year. Fee and commission income also rose sharply by 116 per cent to N86.9 million, up from N40.3 million, while other operating income jumped to N543.0 million, compared to N285.0 million recorded in the prior year. The surge in operating income was largely driven by foreign exchange trading and revaluation gains.

Despite the revenue growth, the bank’s operating expenses increased to N869.2 million in H1 2025 from N617.9 million in H1 2024. This was attributed to higher personnel expenses, which rose to N334.6 million, and other operating costs, which stood at N475.2 million.

However, the lender saw a reversal in credit loss provisions, reporting a net write-back of N4.5 million, compared to a N125 million impairment charge in the corresponding period of 2024. The bank’s total assets rose to N28.88 billion as of June 30, 2025, up from N24.05 billion recorded at the end of December 2024.

Loans and advances to customers increased by 25 per cent to N17.57 billion from N14.02 billion, while customer deposits surged to N19.42 billion from N15.19 billion.