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LivingTrust Mortgage Bank Plc reports strong performance with a 66% increase in profitability for Q2-2024

NM Partners by NM Partners
July 20, 2024
in Companies, Corporate Updates
LivingTrust Mortgage Bank Plc reports strong performance with a 66% increase in profitability for Q2-2024
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Key Highlights

  • Revenue increased by 35%
  • Improved liquidity
  • Risk Assets Growth

Livingtrust Mortgage Bank Plc has posted impressive performance for the period ended June 30, 2024.

From the corporate filing at NGX, the Mortgage Bank recorded significant growth in the second quarter of 2024 when compared to the same period in 2023.

Despite the prevailing economic headwinds, the unaudited Q2-2024 results of Livingtrust Mortgage Bank showed a 66% increase in operating profit over the previous year position for the same period.

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The Total Assets of the Bank also grew in Q2-2024 by 41% over the half-year 2023 position. Some of the other material metrics including loans and advances, deposits and gross earnings all had a double-digit growth during the period under review.

Surprisingly, there was a marginal improvement in the Bank’s cost-to-income ratio, despite the hyperinflation in the macro economy, attributable to staff efficiency.

Amidst prevailing economic downturns fueled by depreciation of the local fiat currency, interest rate hikes, hyperinflation and the impacts of fuel subsidy removal, resulting in the shrinking of purchasing powers; Livingtrust Mortgage Bank has achieved impressive growth in half-year 2024.

An engagement with the Top Management of the Bank revealed that the exciting half-year results was made possible by uncommon commitment of the members of staff and the loyalty of the Bank’s customers.

At a time of deposit flight with focus on exploiting the high interest rates on several guaranteed instruments, Customers have demonstrated loyalty and strong confidence in the Bank. In view of this, the Bank significantly grew its deposits by 55% during the period under review.


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NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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