By Olasunkanmi Akoni
Chief Executive Officer, CEO, of LivingTrust Mortgage Bank, Adekunle Adewole has said that despite the strong global headwinds in the year 2021, coupled with economic vulnerabilities and uncertainties in the local economy, the bank pulled strong in all performance indices, recording double and triple digits growth.
Also, the bank declared a final dividend of 6 kobo per share, summing up to a total dividend payout of N300 million to its shareholders for the 2021 financial year.
This is six times the N50 million paid as dividends in 2020.
Adewole said according to information contained in the bank’s audited 2021 financial statement, a revised proposal to reward shareholders recorded N0.05 for every share held, representing a 500 per cent growth from the N0.01 dividend paid in 2020.
“The 2021 result is a further attestation to our resilience, smart business model and unique propositions driven by a highly motivated workforce, always ready to go the extra mile in delivering superior value to our customers,” he said.
On the the dividend declared, it represents 59.2 per cent of the profit after tax announced by the bank. The company reported a net profit of N507 million, 283 per cent surge compared to the N132.4 million profit recorded in the previous year.
The statement revealed that the bank’s gross revenue skyrocketed by 149 per cent from N625.6 million recorded in 2020 to N1.63 billion in 2021.
A further breakdown of the report revealed that interest income jumped by 202 per cent from N374.1 million recorded in the previous year to N1.13 billion in the review year.
Meanwhile, the company incurred a sum of N261.2 million as income tax for the year, which is significantly higher than the N19.1 million recorded in the previous year.
In the same vein, its total asset increased by 81 per cent from N6.3 billion recorded as of the end of 2020 to stand at N11.39 billion at the end of December 2021.
The company’s earnings per share stood at 10.1kobo in 2021.
According to the information on the Nigerian Exchange, the dividend is set to be paid on June 6, 2022 subject to appropriate withholding tax.
The dividends will be paid to shareholders on the register as of May 16, 2022.
“Based on its current share price, LivingTrust Mortgage Bank’s dividend yield stands at 4.84 per cent as of April 14, 2022, as its share price trades at N1.24 per share, increasing by 19 per cent year-to-date,” Adewole.