LivingTrust Mortgage Bank has published its half-year financial results for the period ended June 30, 2025, posting a pre-tax profit of N562.5 million.
This marks a 32.78% year-on-year increase from the N423.6 million recorded in the same period last year, driven largely by a robust rise in interest and related income.
Interest and similar income rose sharply to N2.04 billion, reflecting a 46.79% increase compared to N1.3 billion in the corresponding period of 2024.
- The bulk of this came from loans and advances to customers, which generated N1.5 billion, while mortgage loans contributed N526 million.
However, the cost of funding rose significantly. Interest expenses surged to N1.5 billion, more than doubling the N585.6 million recorded in the first half of 2024.
- This increase pressured net interest income, which declined to N463.6 million, down from N809.6 million last year.
On a positive note, fee and commission income jumped 115.72% to N86.8 million, with the majority—N66.7 million—coming from credit-related fees.
The bank also recorded N542.9 million in ‘other operating income’. Interest from treasury bills stood at N342.7 million, a significant jump from just N31.6 million in the same period last year.
- As a result, total operating income stood at a solid N1.4 billion, up 23.12% year-on-year.
- After accounting for a modest N4.5 million impairment, net operating income remained virtually unchanged at N1.4 billion.
Despite a 40.66% spike in total operating expenses, the bank maintained its profitability.
On the balance sheet, total assets rose by 20.1% to N28.8 billion, while retained earnings stood at N1.4 billion.
Key Highlights (H1 2025 vs H1 2024)
- Interest Income: N2.04 billion, +46.79% YoY
- Interest Expenses: N1.5 billion, +170.55% YoY
- Net Fee and Commission Income: N86.8 million, +115.72% YoY
- Other Operating Income: N542.9 million, +90.54% YoY
- Treasury Bills – Interest Income: N342.7 million, +981.55% YoY
- Total Operating Income: N1.4 billion, +23.12% YoY
- Pre-tax Profit: N562.5 million, +32.78% YoY
- Total Assets: N28.8 billion, +20.1% YoY
As of the close of trading on July 11, shares of the company were priced at N7.30, reflecting a year-to-date performance of 67%.
