LivingTrust Mortgage Bank has announced its unaudited third-quarter 2020 financial results, which showed an impressive performance, as revenue went from N120 million in Q3 2019 to N192 million Q3 2020.
This information is contained in the LivingTrust Mortgage Bank unaudited third-quarter 2020 financial results.
The company reported an impressive leap in profits in the third quarter of 2020, as profit after tax increased from a meager N3.34 million in the third quarter of 2019 to an impressive N71.43 million in 2020; the company witnessed improvement in its operations, owing to an effective mix of revenue optimization and cost minimization strategies by the management and the board of the company.
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What you should know
- LivingTrust Mortgage Bank’s turnover was N191.72 million, compared to N120.20 million in the third quarter of 2019.
- The Mortgage Bank’s profit after tax was N71.43 million, compared to N3.34 million in the third quarter of 2019.
- The increase in profit after tax was largely driven by interest Income From Mortgage Loans And Advances
- To Customers, which increased from N119 million to 170 million.
- The total assets of the company increased from N4.6 billion as of the last day of business in 2019 to N5.3 billion as of 30 September 2020.
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Operational Review
Despite prevailing economic headwinds and the tight regulatory framework of the economy, LivingTrust Mortgage Bank continues to show sustained growth in key segments driven by strategic positioning of the business in Osun State.
LivingTrust Mortgage Bank is headquartered in Osun State where it operates from 3 branches with desk offices in Lagos, Akure and Abuja. The new strategies deployed by the management and the board of the company yielded huge gains for the company since the beginning of the year.
This is obvious in the improved performance of the company in Interest Income From Mortgage Loans And Advances To Customers, during the period.
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What they are saying
In a note by the management of the company commenting on the result, it was stated that: “Living Trust Mortgage Bank Plc achieved this result under a new management, led by Adekunle Adewole as the Managing Director, which came on board in May, this year, and Alhaji Adebayo Jimoh-led board of directors.”
The bank which was hitherto known as Omoluabi Mortgage Bank Plc also rebranded and became known by its present name.
The bank further said, “Our recent achievement are fallouts of the strategies introduced by the new management, to ensure that the bank effectively discharges its commitments to its growing customer base.
“Our recent rebranding also contributed to our feat, as it became necessary for us to adopt an image which correctly reflects our current outlook and strategic focus.”
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The bank’s management was recently overhauled, while its board of directors was also reconstituted, following the acquisition of majority shareholding in it by Cititrust Holdings Plc.
According to the bank, with the increasing cultural diversity of its fast-growing customer base, it became necessary for it to adopt an image that correctly reflected its current outlook and strategic focus.
The bank added that the name change is also a reflection of its corporate transformation plan, which primarily aims at delivering superior quality products and services to all customers, regardless of their status or location.
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About Adewole Adekunle
The new MD, Mr. Adewole Adekunle, is a banking professional with over 2 decades of experience cutting across areas like retail, commercial, corporate banking, corporate strategies, and credit recoveries.
He served in various positions in Omega Bank (now Keystone Bank), Standard Trust Bank (now UBA), Broad bank (now Union bank), and Sterling Bank.
He has 2 MBAs in Marketing and Finance from the University of Ado-Ekiti and the Metropolitan School of Business and Management, UK. He also holds a Masters in Business Law and a certificate in Global Management (CGM). He is an Alumnus of Lagos Business School and INSEAD.
I am highly impressed with the progress made by the management of Living Trust Mortgage Bank, and will like to also give necessary support if they will consider expanding to Oyo State since I am based in Ibadan.