By Olasunkanmi Akoni

LivingTrust Mortgage Bank Plc grew its profit after tax by 643 per cent in second quarter of 2021 to stand at N308.26 million with a focus on triple-digit diverse customers’ base growth.

This was contained in its quarterly unaudited financial statements released for the period ended June 30, 2021.

Speaking, Mr. Adekunle Adewole, Managing Director, LivingTrust Mortgage Bank Plc, explained that the result marked a meteoric rise in performance compared with the first quarter results in which the bank recorded N100.56 million profit after tax.

According to Adewole, the bank’s impressive performance could be directly attributed to a mix of a continuous innovative approach to banking by its Board and Management, as well as a potpourri of bespoke financial products and services it has continued to offer its customers.

“The bank’s focus to deliver triple digit growth has resulted in a growing and diverse customer base.

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“It is also believed to have prompted its decision to transition from Regional to a National Mortgage Bank,” he stated.

Adewole gave the key highlights of the financial statement to include: Gross Earnings grew by 263%% to N664m from N252m in the previous quarter;

Profit before tax grew by 643% to N308m, profit after tax grew by 643% to N308m, net fee and commission income of N80.2 million (+386 per cent YoY), Operating income was N576.8 million (+178 per cent YoY);

Operating expenses totalled N260.92 million (+63 percent YoY), earnings per share of 6.17 kobo Vs 0.83 kobo YoY, while total assets for the period stood at N8.71 billion.

Vanguard News Nigeria