December 13, 2021

LivingTrust Mortgage Bank emerges Africa Mortgage Bank of the year

LivingTrust Mortgage Bank emerges Africa Mortgage Bank of the year

Alhaji Adebayo Jimoh

By Olasunkanmi Akoni

The LivingTrust Mortgage Bank Plc, has been awarded the highly coveted Africa Mortgage Bank of the Year.

The bank was announced winner of the award at the 2021 Africa Housing Awards, held on Friday, in Abuja.

The event, widely recognised as the most credible and prestigious award in Africa’s Housing Industry, was attended by top players in themortgage/housing/construction industry, and chaired by Senator Sam Egwu, Chairman Senate Committee on Housing and former governor of Ebonyi State.

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According to the organisers, the criteria for selecting LivingTrust Mortgage Bank as Africa Mortgage Bank of the Year, include: governance and management, quality of assets with non-performing loans (NPL) within regulatory minimum, submission and publishing of audited financial statements as when due, growth and diversity of portfolio particularly in the area of National Housing Fund or affordable housing, quality of corporate social responsibility interventions, and low rate of staff turnover. 

Regarded as one of the fastest-growing Nigerian mortgage entities, based on profit growth and share value, LivingTrust Mortgage Bank recently posted a 3-month return of 42 per cent on the back of record profits, leveraging on digital services.

The bank’s stock also witnessed excellent performance after it posted a profit after tax of N533.3 million for the nine months period ended 30th September 2021, a 372 per cent rise against the N112,92 million recorded in the corresponding period of 2020.

In November, the bank’s share grew by 20.00 per cent from N0.80 at the beginning of the month to N0.96 at the end of the month, placing it among the top three gainers on the Nigerian Stock Exchange for November 2021.

As a result of the bank’s rapid growth within a very short period of time, it also adopted a multi-channel approach to customer service by launching a new mobile application and corporate website.

Chairman of the bank, Alhaji Adebayo Jimoh, described the award as “a fitting acknowledgement of the bank’s sterling performance and outstanding contribution to development of the mortgage industry”.

Also, the Managing Director,  Mr Adekunle Adewole, while expressing his joy over the award, commended the transparency and objectivity of the organisers in the selection process and their commitment to ensuring that the winners in all categories are truly deserving. 

“The baord, management and staff of LivingTrust Trust Mortgage Bank are grateful to have been found worthy of such a great honour, due primarily to our operational excellence, superior customer service delivery and outstanding contribution to development of the mortgage industry,” Adewole said.

“We’re also not ignorant of the huge responsibilities that come with such a prestigious award. We therefore pledge our continued commitment to providing our rapidly expanding customer base with excellent products and services that are tailor-made to cater to their specific interests and targeted at the overall development of the mortgage industry,” he further stated.

The awards is an annual event that celebrates excellence in the housing and construction industry. 

It also recognises the success of companies and individuals who are setting the pace in innovative construction, high industry standards, market expansion and development of the national economy.