Based on the Audited Financial Statement for the year ended December 31, 2024, LivingTrust Mortgage Bank Plc has once again made history this time, by declaring a N981.2 million of profit, one of the highest in the Bank’s history.

In an increasingly challenging macroeconomic environment, marked by inflationary pressures, exchange rate volatility, and tighter regulatory oversight, this record profit stands as a testament to strategic resilience.

A statement signed by the acting Company Secretary of LivingTrust Mortgage Bank, Dorcas Ajayi said the bank’s board and management team have demonstrated commendable financial stewardship balancing risk, maintaining asset quality and driving profitability with a clear long-term view.

LivingTrust Mortgage Bank, she said, grew deposit by 66 per cent signifying the highest volume growth in the bank’s history to N15.19billion from N9.14billion the previous year while total asset of the bank increased to N24.04billion, a 35 per cent growth over N17.79billion posted in 2023.

“LivingTrust Mortgage Bank has reported a 29.97 per cent increase in gross earnings for the year ended December 31, 2024, amounting to N3.75billion, compared to N2.89billion in the same period of 2023.

“The bank’s also show a 47.40 per cent rise in Profit Before Tax, which increased to N981.20m from N665.65million in 2023.

“Profit After Tax grew by 38.87 per cent to N789.14m, up from N568.27million in the prior year.

“The earnings per share for the period increased by 31.52 per cent to 15.78 kobo, from 11.37 kobo in 2023.

“Beyond the numbers, this rewards the loyalty of the bank’s esteemed customers and patience of shareholders who have stood by the bank through cycles of growth, strategic clarity, disciplined execution and unwavering dedication to value creation,” she said.

According to Ajayi, this level of profitability ensures that the culture of shareholder reward continues in an increasing fashion, as declared dividend becomes payable upon approval.