Finance

Living Trust Mortgage Bank nominated for independent finance award 

Living Trust Mortgage Bank Plc, one of the nation’s leading mortgage bank in Nigeria, has been nominated for Independent Finance Award (IFA) which is slated to hold on Friday, September 16, 2022 at Victoria Crown Plaza Hotel, Victoria Island, Lagos. 

The theme of the award is “Nigeria Economic Advancement: Will RT 200 be an Economic Game Changer?” 

The award dinner event will also feature keynote presentation and a panel discussion that will focus on the key roles, synergies, collaborations and partnerships required by Nigeria’s apex bank to deliver on the promises of RT 200. 

The keynote will be delivered by the Central Bank of Nigeria, Director, Trade & Exchange Department. 

Having fulfilled the required criteria, the bank is nominated in four categories under mortgage bank broad area. 

The categories include, Independent Mortgage Bank of the Year, Independent Mortgage Bank CEO of the Year, Independent Most Innovative Mortgage Bank of the Year and Independent Fastest Growing Mortgage Bank of the Year. 

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First Trust Mortgage Bank was incorporated on March 9, 1999 as Osun Building Society Limited and changed its name to Living Spring Savings & Loans Limited in 2002. The Bank became a Public Limited Liability Company on January 25, 2013 and subsequently changed its name from Omoluabi Savings and Loans Plc to Omoluabi Mortgage Bank Plc. 

The Bank was listed on the Nigerian Stock Exchange on December 11, 2013 where its shares are being publicly traded. 

Omoluabi Mortgage Bank Plc is now known as Living Trust Mortgage Bank Plc by virtue of the Central Bank of Nigeria’s approval and the Corporate Affairs Commission’s approval and certification dated August 4, 2020 and October 6, 2020 respectively. 

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In more than 22 years, the Bank has experienced visible transformation and expansion and has recorded remarkable growth across key performance indicators for the 2021 financial year. 

Its assets grew by 82.10% (year-on-year) to N11,348,023,258, while Loans and Advances grew remarkably by 89.98% to N7,760,011,125. Deposits grew by 127.64% to N7,227,306,053 while Gross Earnings grew impressively by 143.38% to N1,627,322,334. 

This depicts significant improvement in the Bank’s earning policy. 

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The Bank’s profitability grew impressively. The Bank closed the 2021 financial year with a Profit-Before-Tax of N786,209,000 representing a staggering 407.32% increase when compared against the previous year. 

Looking at its unaudited financial report for the first quarter of the year 2022, the gross earnings grew by more than 99% when compared with the same period in 2021. 

Similarly, the profit for the period increased more than 100%, total loans to customers which comprises of mortgage loans and other advance loans grew by 143.77% and total assets grew by 4.39%. 

The Bank operating expenses reduced by 13.18% while net operating income increased by 80.52%. These milestones have helped the bank getting nominated in the Independent Finance Award. 

Independent

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