Abbey Mortgage Bank Plc and LivingTrust Mortgage Bank Plc are two of the four listed companies under the Financial Services – Mortgage Carriers subsector of the Nigerian Exchange.
In 2025, both stocks have seen a relatively bullish run.
The key question for investors, however, is: which of them presents a more compelling investment case and offers better value?
Sector backdrop
With four listed companies: Abbey Mortgage, Aso Savings, LivingTrust Mortgage, and Infinity Trust Mortgage, the companies command a combined market capitalization of N133.910 billion as of the close of trading on September 29, 2025, against a total asset base of N200 billion.
This means the market is valuing the subsector at a discount to its underlying assets, signalling that investor confidence is still building. There may be room for further rating as performance and profitability improve.
On average, share prices in the sector have climbed 39% year-to-date, though performance is uneven.
Abbey Mortgage has surged by 127%, while LivingTrust has posted a modest 29% gain.
Against this sector backdrop, the spotlight falls on Abbey Mortgage and LivingTrust Mortgage, the two leading players in terms of market performance.
A closer look at their financial results, valuations, and investor sentiment helps reveal which bank offers the stronger value proposition.
Financial performance:
In the first half of 2025, both Abbey Mortgage and LivingTrust delivered strong earnings, though their growth stories differ.
Abbey Mortgage reported revenue of N8.09 billion, representing 60% year-on-year growth, largely driven by cash from short-term funds totalling N5.3 billion.
- Profit after tax (PAT) came in at N810 million, up 53%, almost matching the full-year 2024 profit of N1.1 billion.
- Over the past five years, the bank has grown its profit at a compound annual growth rate (CAGR) of 11.42%, accumulating N.63 billion, highlighting consistent long-term growth.
LivingTrust Mortgage, though smaller, delivered faster growth in relative terms.
- Revenue climbed 72% to N3.02 billion, driven by interest income of N2.048 billion, comprising loans and advances to customers of N1.5 billion and mortgage loans of N526 million.
- PAT rose 73% to N551 million. Over the past five years, LivingTrust grew its profit at a CAGR of 9%, accumulating N2.82 billion.
Taken together, the two banks generated a combined N1.37 billion in profit in H1 2025.
Verdict: Abbey Mortgage offers stability and scale with strong absolute profits, while LivingTrust delivers faster growth and higher percentage gains, making it attractive for investors seeking growth potential.
Balance Sheet
Abbey Mortgage has grown in size, with a total asset base of N110.2 billion, nearly four times that of LivingTrust.
Much of this growth is driven by investments in securities, which provide liquidity and stability but can limit higher-yield lending opportunities.
LivingTrust Mortgage, by contrast, has a smaller balance sheet of N28.88 billion, but its strength lies in loans and advances to customers.
This loan-heavy mix exposes the bank to credit risk, but it also positions LivingTrust to generate higher interest income as its loan book expands.
Takeaway: Abbey’s size gives it scale and resilience, while LivingTrust’s balance sheet tilts more toward growth potential through lending.
Valuation: What are investors paying for?
For Abbey Mortgage, the market is already paying a hefty premium.
- Its share price has more than doubled this year, and investors are now paying much more for every naira of profit or revenue compared to others in the sector.
Put simply, Abbey is already priced like a market favourite, and buying in now means paying up for its past success.
LivingTrust, on the other hand, looks cheaper relative to Abbey.
- Investors are not paying as much for each naira of its profit or sales. This suggests that, if LivingTrust continues to deliver strong growth, there’s still room for its share price to rise further as the market catches up.
Overall, Abbey Mortgage and LivingTrust offer distinct investment propositions. Abbey stands out for its scale, stability, and consistent profitability, making it ideal for investors who prioritize reliability and predictability.
LivingTrust, on the other hand, delivers faster growth, efficient loan-driven earnings, and attractive valuation, appealing to investors seeking upside potential and higher percentage returns.
Ultimately, the choice depends on investment style: choose Abbey for stability and LivingTrust for growth.
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