LivingTrust Mortgage Bank PLC has achieved a remarkable Profit Before Tax (PBT) of ₦981.2 million for the year ended December 31, 2024, marking one of the highest profits in the bank’s history despite operating in a tough macroeconomic landscape. The results are a testament to the bank’s ability to adapt and thrive, even in the face of inflationary pressures, exchange rate volatility, and stricter regulatory frameworks.
The bank’s strategic resilience was reflected in strong growth across key financial metrics, showcasing both operational excellence and financial stewardship. Here are the key highlights:
- Gross Earnings: ₦3.75 billion, up by 29.97% from ₦2.89 billion in 2023
- Profit Before Tax: ₦981.2 million, an increase of 47.40% from ₦665.65 million in 2023
- Profit After Tax: ₦789.14 million, a 38.87% growth compared to ₦568.27 million the previous year
- Earnings Per Share: 15.78 kobo, a 31.52% increase from 11.37 kobo in 2023
Additionally, the bank made significant strides in its balance sheet growth, with deposits rising by 66% to ₦15.19 billion from ₦9.14 billion in 2023. This deposit growth marks the highest volume increase in the bank’s history, a clear indicator of its strong customer loyalty and confidence. Total assets also rose by 35%, reaching ₦24.04 billion from ₦17.79 billion.
LivingTrust Mortgage Bank has not only succeeded in improving profitability but has also maintained a strong focus on asset quality and risk management, demonstrating disciplined execution in its strategic approach. This resilience has been critical in navigating the broader economic challenges of the year.
Beyond the impressive financial metrics, the bank’s commitment to shareholder value remains evident. The growth in profitability ensures that the culture of shareholder rewards continues, with dividends declared and payable upon approval.
Conclusion:
LivingTrust Mortgage Bank PLC has delivered an outstanding performance, with strong revenue and profit growth, setting a new benchmark in the bank's history. The 2024 financial results underscore the bank’s ability to generate solid returns amidst external pressures, solidifying its position as a key player in the mortgage banking sector. Investors can expect continued focus on value creation, customer loyalty, and strategic clarity, all of which should contribute to long-term stability and growth.
How well do narratives help inform your perspective?
Disclaimer
The user WaneInvestmentHouse holds no position in NGSE:LIVINGTRUST. Simply Wall St has no position in any of the companies mentioned. Simply Wall St may provide the securities issuer or related entities with website advertising services for a fee, on an arm's length basis. These relationships have no impact on the way we conduct our business, the content we host, or how our content is served to users. The author of this narrative is not affiliated with, nor authorised by Simply Wall St as a sub-authorised representative. This narrative is general in nature and explores scenarios and estimates created by the author. The narrative does not reflect the opinions of Simply Wall St, and the views expressed are the opinion of the author alone, acting on their own behalf. These scenarios are not indicative of the company's future performance and are exploratory in the ideas they cover. The fair value estimates are estimations only, and does not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that the author's analysis may not factor in the latest price-sensitive company announcements or qualitative material.