LivingTrust Mortgage Bank Plc has released its unaudited financial statements for the third quarter ended September 30, 2025, reporting a pre-tax profit of N255.6 million, a 7.04% increase from N238.8 million in the corresponding period of 2024.
Gross earnings surged by 110.94% to N2.1 billion from N998.7 million in Q3 2024, driven largely by strong interest income and non-interest income.
This supported the bank’s nine-month pre-tax profit, which rose by 2.57% to N800 million from N779.9 million in the same period last year.
Key highlights (Q3 2025 vs Q3 2024)
- Gross earnings: N2.1 billion, +110.94% YoY
- Interest income: N1.5 billion, +96.87% YoY
- Net interest income: N257.6 million, -40.72% YoY
- Fee and commission income: N64.7 million, +145.14% YoY
- Treasury bills interest income: N108.3 million, +106.85% YoY
- Net operating income after impairment: N809.6 million, +25.48% YoY
- Pretax profit: N255.6 million, +7.04% YoY
- Total assets: N29.5 billion, +22.80% YoY
Cursory look
A closer look at the numbers shows a strong uptick in earnings, driven largely by higher interest income. The bank’s interest income surged 96.87% to N1.5 billion in Q3, bringing the nine-month total to N3.5 billion, a 64.45% year-on-year increase.
- Of this amount, loans and advances to customers contributed the largest share at N2.6 billion, while mortgage loans accounted for N910.7 million.
However, the rise in interest income came with higher funding costs, as interest expenses jumped 265.9% to N1.2 billion.
- This pushed net interest income down to N257.6 million, compared to N434.6 million in the same quarter last year.
Non-interest income, however, also provided a boost in Q3.
- Fee and commission income climbed 145.14% to N64.7 million, while other operating income grew 189.97% to N381.7 million, supported by earnings from investments, bank placements, and other sources.
- Treasury bill income doubled to N108.3 million, reflecting stronger returns from money market instruments.
Overall, operating income rose 25.96% year-on-year to N812.5 million. After accounting for an impairment loss of N2.9 million, net operating income came in at N809.6 million.
Despite higher operating expenses of N553.9 million, the bank still recorded a pretax profit of N255.6 million in Q3, up 7.04% from the previous year.
- Net profit followed the same trend, rising modestly to N221.9 million from N210.5 million in 2024.
Balance sheet:
The balance sheet remained solid, with total assets rising 22.80% to N29.5 billion. Loans and advances to customers accounted for the largest share at N15.6 billion, followed by due from banks at N8.1 billion.
Total equity stood at N5.05 billion, with retained earnings firming at N1.4 billion.
However, total liabilities increased by 28.86% to N24.4 billion, with customer deposits making up the bulk at N19.9 billion.
As of the trading week ended October 24, 2025, the company’s shares were priced at N4.01.