LivingTrust Mortgage Bank Plc has further consolidated its leadership position in the nation’s mortgage finance industry by carting five prestigious awards in a space of one month, the highest by any mortgage lender within the same period.
The awards were in recognition of the bank’s trailblazing performance and innovative approach to mortgage financing, which already saw it surpassing its earnings forecast for the second quarter of this year by a whopping 14%.
First to recognise LivingTrust Mortgage Bank’s unique and excellent performance was Independent Newspapers Limited, organisers of the Independent Finance Award (IFA), in which it beat all others to emerge the Mortgage Bank of the Year 2022.
In the same vein, the bank’s Managing Director, Dr. Adewole Adekunle, clinched the award of Independent Mortgage Bank CEO of the Year 2022.
According to the organisers, the parameters for adjudging winners include profit after tax (PAT) growth, capital adequacy ratio, return on equity (ROE), return on assets (ROA), non-performing loans (NPL), net interest margin, penalties paid to the regulator, complaints resolution, the cost to income ratio and dividend growth, amongst others.
Not done, the bank subsequently emerged as Africa’s Most Reliable Mortgage Bank Brand of the Year 2022 at the Africa Fintech Brands Innovation Awards.
Also, in further attestation to its unrivaled leadership position in the mortgage banking sub-sector, the bank also shone brightly at the awards organised by the Development Bank of Nigeria.
The bank carted the Award of the Other Financial Institution (OFI) with the Highest Impact on Start-ups, as well as the Award of the OFI with the Highest Impact on MSME Accessing Credit for the First Time.
Reacting to the development in a statement by the bank, the Managing Director attributed the feat to “hard work, innovation, and the bank’s desire to reach the top.”
LivingTrust Mortgage Bank, according to Adewole, reported a turnover of N1.19 billion in the first half of 2022, which went up by 79.19% from N664.09 million reported the previous year while profit before tax grew by 72.26 percent to N531.01m from N308.26m in 2021.
“We are also working hard to enter the billionaires league by FYE 2022. We project a PBT of over N1b, a major feat in the Mortgage Banking sub-sector. As of the first half year of 2022, we had surpassed our earnings projections.
“Last year we did N306 million in dividend pay-out. This year, all things being equal, we are looking at surpassing this”, Adewole further disclosed.
