Demonstrating remarkable resilience and strategic acumen, LivingTrust Mortgage Bank Plc has announced a historic profit of N981.2 million for the financial year ended December 31, 2024. This significant achievement marks one of the highest profit figures in the Bank's history, achieved against a backdrop of increasing macroeconomic challenges characterized by inflationary pressures, volatile exchange rates, and a more stringent regulatory environment.
This record-breaking profitability underscores the commendable financial stewardship of the Bank's Board and management team. Their strategic focus on balancing risk management, maintaining robust asset quality, and driving profitability with a clear long-term vision has yielded impressive results.
LivingTrust Mortgage Bank Plc also reported substantial growth across key financial indicators. Customer deposits witnessed an unprecedented 66% surge, reaching N15.19 billion from N9.14 billion in the previous year – the highest volume growth in the Bank's history. The Bank's total assets also experienced significant expansion, growing by 35% to N24.04 billion, up from N17.79 billion in 2023.
Further highlighting its strong performance, LivingTrust Mortgage Bank Plc recorded a 29.97 per cent increase in gross earnings for the year, amounting to N3.75 billion compared to N2.89 billion in the corresponding period of 2023.
The Bank's profitability metrics also showed substantial improvements. Profit Before Tax (PBT) rose by an impressive 47.40 per cent to N981.20 million, from N665.65 million in 2023. Similarly, Profit After Tax (PAT) grew by 38.87 per cent to N789.14 million, increasing from N568.27 million in the prior year. Consequently, the earnings per share for the period saw a significant 31.52 per cent increase, climbing to 15.78 kobo from 11.37 kobo in 2023.
Beyond the impressive financial figures, this performance serves as a testament to the loyalty of LivingTrust Mortgage Bank's valued customers and the unwavering patience of its shareholders. Their continued support through various growth cycles has been rewarded by the Bank's strategic clarity, disciplined execution, and steadfast dedication to value creation. This level of profitability ensures the continuation of the Bank's culture of increasing shareholder rewards, with a declared dividend now awaiting approval for payment.