vLivingTrust Mortgage Bank has announced a significant 31.6% increase in interest income, reaching N2.2 billion in the first nine months of 2024, up from N1.6 billion in the same period last year. This growth is attributed to rising customer loans and advances.
Data from the Nigerian Exchange Limited (NGX) reveals that the bank’s gross earnings also saw a robust 34.8% increase, totaling N2.7 billion in the third quarter (Q3) of 2024, compared to N1.9 billion in 2023.
A closer look at the figures shows that other loans surged by 38.8%, climbing to N1.6 billion from N1.08 billion, while mortgage loans to customers amounted to N597.2 million. However, interest expenses rose to N939 million from N600 million, reflecting a 44.7% increase in costs associated with other loans and advances.
Despite the positive trends in interest income and overall earnings, net fees and commission revenue fell by 17.4% to N66.7 million, down from N78.6 million. This decline was primarily due to a decrease in credit-related fees, which dropped to N44.9 million from N65.9 million, making up 39% of total fees and commissions.
In terms of operational performance, LivingTrust recorded a 32.3% rise in total operating income to N1.8 billion, up from N1.3 billion, while total operating expenses reached N1.03 billion in Q3 2024. The bank’s pre-tax profit rose to N779.9 million from N534.5 million, with profit after tax at N751.7 million, benefitting from an income tax credit of N28.3 million.
Additionally, cash generated from operating activities increased to N1.4 billion, and cash from financing activities saw substantial growth to N3.6 billion, compared to N279.5 million previously. The bank’s cash and cash equivalents stood at N5.04 billion, highlighting its strong liquidity position.