LIVINGTRUST MORTGAGE BANK PLC RESULTS FOR QUARTER 4,2021
LIVINGTRUST MORTGAGE BANK PLC (LIVINGTRUST) declared gross earnings of NGN1.6 billion for the 12 months ended 31st December 2021; this was equivalent to 2.5 times gross earnings of the comparable period of last year. Interest and similar income accounted for the bulk of the revenue increment (77.4%). Fee and commission income gained NGN87.5 million year-over-year to NGN155.5 million at the end of the 4th quarter of 2021. Profit After Tax was NGN573.6 million, up from NGN132.4 million declared a year ago.
- Profitability improved
Profit margins were better than the figures for last year. Net Interest margin added 5.9% to close at 55.1% at the end of quarter 4, 2021. Profit Before Tax margin and Profit After Tax margin gained 18.4% and 14.9% respectively.
- Total assets increased but total equity fell
Total assets jumped from NGN6.3 billion to NGN11.3 billion due majorly to a rise in loans and advances to customers. However, shareholders' fund lost 1.8% year-over-year.
- Loans and advances expanded
Gross loans and advances of NGN7.9 billion were tantamount to an 88.2% rise over the corresponding period of last year. But the provision for impairment on gross loans and advances of 2.2% was lower than the prior year's figure of 3.1%.
LIVINGTRUST MORTGAGE BANK PLC
LIVINGTRUST, formerly Omoluabi Mortgage Bank Plc, is a primary mortgage bank that started in 1993. It is a subsidiary of Cititrust Holdings Plc. LIVINGTRUST provides mortgage finance and other types of loans to customers. It also accepts deposits from customers. READ THE FULL REPORT ON LIVINGTRUST MORTAGE BANK PLC HERE.