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  • Updated: January 24, 2023

LivingTrust Mortgage Bank Records N909 Million Profit

LivingTrust Mortgage Bank Plc has released its Q4 2022 results, reporting a profit after tax of N909.151 million.

This represents a 79% increase from the N505.962 million recorded in the same period in 2021.

The company also recorded a pre-tax profit of N1.026 billion, which indicates a 33% increase from the N768.210 million the company reported during the same period in 2021. 

During the period under review, the company’s gross eearnings grew by 56% from N1.627 billion in 2021 to N2.539 billion.

Total operating income increased from N1.395 billion to N2.052 billion, which indicates a 47.09% increase.

Total operating expenses in Q4 2022 also increased by 36% from N681.387 million in 2021 to N928.218 million in Q4 2022.

According to the bank, the growth in profits before tax was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions. 

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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