News

October 4, 2022

LivingTrust Mortgage turnover hits N1.19bn

From left: Mr. Bonaventure Okhaimo, Chief Operating Officer, Development Bank of Nigeria (DBN); Mr. Gbenga Fatanmi, Treasurer, LivingTrust Mortgage Bank Plc; Prof. Joseph Nnanna, Chief Economist, DBN; Dr. Olumide Adedeji, Executive Director, LivingTrust Mortgage Bank Plc and Mr. Babatunde Tadese, Head of Credit, LivingTrust Mortgage Bank Plc, at the presentation of the award of Other Financial Institution (OFI) with the Highest Impact on Start-ups and the OFI with the Highest Impact on MSME Accessing Credit for the First Time to LivingTrust Mortgage Bank, on September 28, in Abuja.

… emerges winner of 5 awards in a month

By Olasunkanmi Akoni

LivingTrust Mortgage Bank Plc has recorded a turnover of N1.19 billion in the first half of 2022, which went up by 79.19 per cent from N664.09 million reported in 2021.

This happened as the mortgage bank received five prestigious awards in a month, the highest by any mortgage lender within the same period.

The LivingTrust Mortgage Bank, Managing Director, Dr. Adewole Adekunle, who disclosed this to Vanguard Media in Lagos, attributed the feat to “hard work, innovation and the bank’s desire to reach the top.”

He said, LivingTrust Mortgage Bank, according to Adewole, reported a turnover of N1.19 billion in the first half of 2022, which went up by 79.19 percent from N664.09 million reported the previous year while profit before tax grew by 72.26 percent to N531.01m from N308.26m in 2021.

“We are also working hard to enter the billionaires league by FYE 2022. We project a PBT of over N1b, a major feat in the Mortgage Banking sub-sector. As at first half year of 2022, we had surpassed our earnings projections.

“Last year we did N306 million in dividend pay-out. This year, all things being equal, we are looking at surpassing this,” Adewole stated.

Awards

The awards were in recognition of the bank’s trailblazing performance and innovative approach to mortgage financing, which already saw it surpassing its earnings forecast for the second quarter of the current year by a whopping 14 per cent.

The first award was the LivingTrust Mortgage Bank’s unique and excellent performance presented by Independent Newspapers Limited, organisers of the Independent Finance Award, IFA, in which it beat all others to emerge the Mortgage Bank of the Year 2022.

Similarly, Adekunle, clinched the award of Independent Mortgage Bank Chuef Executive Officer, CEO, of the Year 2022.

According to the organisers, the parameters for adjudging winners include: profit after tax (PAT) growth, capital adequacy ratio, return on equity (ROE), return on assets (ROA), non-performing loans (NPL), net interest margin, penalties paid to the regulator, complaints resolution, cost to income ratio and dividend growth, amongst others.

The bank, subsequently emerged Africa’s Most Reliable Mortgage Bank Brand of the Year 2022 at the Africa Fintech Brands Innovation Awards.

Also, in further attestation to its unrivalled leadership position in the mortgage banking sub-sector, the bank also shone brightly at the awards organised by the Development Bank of Nigeria.

The bank carted the Award of the Other Financial Institution, OFI, with the Highest Impact on Start-ups, as well as Award of the OFI with the Highest Impact on MSME Accessing Credit for the First Time.