The Lagos Building Investment Company Plc (LBIC Plc) said, despite the challenges in the operating environment, it recorded a profit before tax (PBT) of N1.161 billion, representing a growth of 40 per cent over N829 million recorded the previous year.

The Chairman, Board of Directors of LBIC, Hakeem Ogunniran, made this known at the 20th yearly general meeting of the firm in Lagos. The AGM endorsed the election of three new statutory audit committee members, including the current chairman of the board of directors, while fixing directors’ fees.

The financial shows that LBIC’s gross earnings surged by 58 per cent, increasing from N1.608 billion in 2023 to N2.537 billion in 2024. Its mortgage loan portfolio grew by eight per cent, from N737 million in 2023 to N794 million in 2024, notably unimpaired.

Customer deposits also saw an impressive 147 per cent increase, climbing from N4.596 billion in 2023 to N11.336 billion. LBIC concluded the year with a robust financial structure, evidenced by an 81 per cent in total assets, reaching N17.22 billion, and shareholders’ funds totaling N4.87 billion.

Ogunniran revealed that in the past four years, the bank focused on wiping off inherited negative earnings and turning around the financial fortunes of the bank.

He disclosed that the board recommended the payment of a final dividend of N6.12 Kobo per share, amounting to N237,581,290.5 for the financial year ended December 31, to shareholders whose names appeared on the register of members as of December 2024.

According to him, the bank is also committed to empowering employees with high-performing skills, tailoring mortgage products and simplifying processes for Nigerians in diaspora.