LivingTrust Mortgage Bank Plc has declared a profit of N981.2m, one of the highest in the bank’s history. This was disclosed in its audited financial statement for the year ended December 31, 2024.
According to the board and management, LivingTrust Mortgage Bank demonstrated financial stewardship, balancing risk, maintaining asset quality, and driving profitability with a clear long-term vision.
The bank grew its deposit base by 66 per cent to N15.19bn from N9.14bn in the previous year, representing the highest volume growth in the bank’s history. Total assets rose by 35 per cent to N24.04bn, up from N17.79bn posted in 2023.
Gross earnings increased by 29.97 per cent to N3.75bn in 2024, compared to N2.89bn in the corresponding period of 2023.
Profit before tax rose by 47.40 per cent to N981.2m, from N665.65m in 2023, while profit after tax increased by 38.87 per cent to N789.14m, up from N568.27m in the prior year.
Earnings per share for the period stood at 15.78 kobo, marking a 31.52 per cent increase from 11.37 kobo recorded in 2023.
Beyond the numbers, the management said the profit reflects the loyalty of the bank’s customers and the patience of shareholders who have stood by the institution through cycles of growth, strategic clarity, disciplined execution, and dedication to value creation.
It added that the level of profitability ensures continued shareholder rewards, as a dividend will be payable upon approval.
