LIVINGTRUST MORTGAGE BANK PLC |
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED |
31 MARCH 2025 CONDENSED REPORTS |
Introduction 1
Result at a Glance 2
Statement of Profit or Loss and Other Comprehensive Income 3
Statement of Financial Position 4
Statement of Cash Flows 5
Statement of Changes in Equity 6
Notes to the Financial Statements 7
IntroductionLivingtrust Mortgage Bank's Financial Statements complies with the applicable legal requirements of the Nigerian Securities and Exchange Commission regarding interim financial statements for the period ended 31 March 2025. These financial statements contain extract of the unaudited financial statements prepared in accordance with International Financial Reporting Standards 'IFRS' and its interpretation issued by the International Accounting Standards and adopted by the Financial Reporting Council of Nigeria. For better understanding and transparency certain disclosures and some prior period figures have been presented in line with the reporting periods' figures.
Page 1
RESULT AT GLANCEGROSS EARNINGS | PROFIT AFTER TAX | BASIC EARNINGS PER SHARE (KOBO) |
N1,229.81 million | N232.11 million | 4.64 |
MAJOR ITEMS IN STATEMENT OF COMPREHENSIVE INCOME | 2025 March N'000 | 2024 March N'000 | INCREASE/(DECREASE) % |
Gross Earnings | 1,229,815 | 861,819 | 42.70 |
Other Operating income | 374,149 | 166,316 | 124.96 |
Profit After Tax | 232,113 | 230,475 | 0.71 |
Earnings Per Share: | 4.64 | 4.61 | 0.65 |
MAJOR ITEMS IN STATEMENT OF FINANCIAL POSITION | 2025 March N'000 | 2024 Dec N'000 | INCREASE/(DECREASE) % |
Loan and advances to customers | 17,010,946 | 14,017,322 | 21.36 |
Deposits from customer | 18,194,035 | 15,194,922 | 19.74 |
Total Assets | 27,821,749 | 24,046,193 | 15.70 |
Total Equity | 5,109,673 | 5,052,212 | 1.14 |
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STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR THE PERIOD ENDED 31 MARCH, 2025.The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited and interim financial statements for the period ended 31 March, 2025 which was approved by the Board on 18 April, 2025.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | UNAUDITED | UNAUDITED | |
FOR THE PERIOD ENDED 31 MARCH 2025 | Jan - March | Jan - March | |
NOTES | 2025 | 2024 | |
N | N | ||
Gross Earnings | 1,229,814,824.03 | 861,818,522.73 | |
Interest and similar income | 1 | 855,665,696.42 | 695,502,915.90 |
Interest and similar expense | 2 | (623,767,540.20) | (260,070,231.30) |
Net interest income | 231,898,156.22 | 435,432,684.60 | |
Fee and commission income | 3 | 18,712,480.28 | 24,463,214.21 |
Fee and commission expense | - | - | |
Net fee and commission income | 18,712,480.28 | 24,463,214.21 | |
Other operating income | 4 | 193,914,047.25 | 135,021,791.60 |
Treasury Bills-Interest Income | 161,522,600.08 | 6,830,601.02 | |
Total operating income | 606,047,283.83 | 601,748,291.43 | |
Impairment loss (charge)/write back | 5 | (1,317,802.48) | (62,500,000.00) |
Net operating income | 604,729,481.35 | 539,248,291.43 | |
Personnel expenses | 6 | (138,342,734.48) | (115,741,163.71) |
Directors' Cost | 7 | (4,156,250.00) | (13,943,750.01) |
Depreciation of property and equipment | 8 | (21,306,811.70) | (23,537,727.50) |
Amortisation of intangible assets | 9 | (7,916,932.23) | (4,422,953.22) |
Other operating expenses | 10 | (200,893,664.52) | (151,127,269.59) |
Total operating expenses | (372,616,392.93) | (308,772,864.03) | |
Profit or Loss before tax | 232,113,088.42 | 230,475,427.40 | |
Income tax expense | |||
Profit or Loss for the period | 232,113,088.42 | 230,475,427.40 | |
Other Comprehensive income | - | - | |
Total Comprehensive Income for the year | 232,113,088.42 | 230,475,427.40 | |
Basic earnings per share (Kobo) | 4.64 | 4.61 | |
The notes on pages 7 to 11 are an integral part of these financial statements.
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LIVINGTRUST MORTGAGE BANK PLC | UNAUDITED | AUDITED | |
STATEMENT OF FINANCIAL POSITION | 31-Mar-25 | 31-Dec-24 | |
AS AT 31 MARCH, 2025 | NOTES | ||
N | N | ||
Cash and balances with CBN | 11 | 229,515,224.20 | 190,318,000.00 |
Due from banks | 12 | 4,784,918,065.81 | 5,720,741,000.00 |
Loans and advances to customers | 13 | 17,010,946,674.79 | 14,017,322,000.00 |
Investment securities | 14 | 3,626,127,006.52 | 2,593,185,000.00 |
Other assets | 15 | 1,627,535,523.43 | 946,079,000.00 |
Deferred Tax Assets | 39,471,432.00 | 60,178,000.00 | |
Property and equipment | 16 | 308,799,119.71 | 316,016,000.00 |
Intangible assets | 17 | 94,810,912.47 | 102,728,000.00 |
27,722,123,958.93 | 23,946,567,000.00 | ||
Non-current assets held for sale | 99,625,695.01 | 99,626,000.00 | |
Total assets | 27,821,749,653.94 | 24,046,193,000.00 | |
Liabilities | |||
Borrowings | 18 | 2,687,933,180.97 | 2,945,056,000.00 |
Deposit from customers | 19 | 18,194,035,862.99 | 15,194,922,000.00 |
Other liabilities | 20 | 1,804,242,323.23 | 672,022,000.00 |
Current income tax liabilities | 25,864,381.10 | 181,982,000.00 | |
Total liabilities | 22,712,075,748.29 | 18,993,982,000.00 | |
Equity | |||
Ordinary share capital | 21 | 2,500,000,000.00 | 2,500,000,000.00 |
Retained earnings | 1,461,819,905.65 | 1,404,357,000.00 | |
Statutory reserve | 662,052,000.00 | 662,052,000.00 | |
Regulatory risk reserve | 492,444,000.00 | 492,444,000.00 | |
Fair value reserve | (6,642,000.00 ) | (6,642,000.00) | |
Total equity | 5,109,673,905.65 | 5,052,211,000.00 | |
Total liabilities and equity | 27,821,749,653.94 | 24,046,193,000.00 |
The notes on pages 7 to 11 are an integral part of these financial statements.
Dr. Olumide Adedeji | Femi Olusola |
Managing Director/CEO | Financial Controller |
FRC/2020/004/00000020523 | FRC/2023/PRO/ICAN/001/267504 |
The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited financial statements for the 1st Quarter Ended 31 March, 2025 as approved on 18h April 2025.
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LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2025 | ||
UNAUDITED | AUDITED | |
31-Mar-25 | 31-Dec-24 | |
Cash flows from operating activities | N | N |
Profit after tax | 232,113,088.42 | 789,141,000.00 |
Adjustment for non-cash items | ||
Impairment charge/(write back) on loans and advances | 1,317,802.48 | 148,086,000.00 |
Impact of Interest in suspense | 20,929,000.00 | |
Impairment charge on other assets | 12,960,000.00 | |
Investments securities at amortised cost | 2,488,000.00 | |
Depreciation of property and equipment | 21,306,811.70 | 91,196,000.00 |
Amortisation of intangible assets | 7,916,932.23 | 23,209,000.00 |
Income tax expense | - | 192,059,000.00 |
Cashflows before changes in working capital | 262,654,634.83 | 983,895,000.00 |
Changes in working capital | ||
loans and advances to customers | (3,716,189,879.13) | (1,099,380,000.00) |
Other assets | (719,943,905.61) | (311,820,000.00) |
Deposit from customers | 8,271,006,361.80 | 6,051,271,000.00 |
Other liabilities | (64,163,393.67) | (521,153,000.00) |
3,770,709,183.39 | 4,118,918,000.00 | |
Tax paid | - | (149,743,000.00) |
Net cash from operating activities | 4,033,363,818.22 | 4,953,070,000.00 |
Cash flows from investing activities; | ||
Purchase of property and equipment | 53,406,949.65 | (32,622,000.00) |
Purchase of intangible assets | (55,455,377.16) | (73,856,000.00) |
Purchase of treasury bills | (2,488,282,000.00) | |
Disposal of non-current assets held for sale | 13,982,255.39 | 14,671,000.00 |
Net cash from/(used) investing activities | 11,933,827.88 | (2,580,088,000.00) |
Cash flows from financing activities | ||
Additions to borrowed funds | 513,829,624.91 | 1,115,649,000.00 |
Repayment of borrowed funds | (1,877,012,985.47) | (1,256,468,000.00) |
Additions to deposit with the Central Bank of Nigeria (CRR) | (74,385,000.00) | |
Dividend Paid | - | - |
Net cash from financing activities | (1,363,183,360.56) | (215,204,000.00) |
Increase in cash and cash equivalents | 2,682,114,285.54 | 2,157,778,000.00 |
Cash and cash equivalents as at 1 January | 5,911,059,000.00 | 3,571,559,000.00 |
Cash and cash equivalents as at 31 March 2025 | 8,593,173,285.54 | 5,729,337,000.00 |
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LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2025 | |||||||
Ordinary Share Capital | Retained Earnings | Statutory Reserves | Regulatory Risk Reserves | Fair value reserve | Total equity | ||
At 1 January 2024 | 2,500,000,000.00 | 698,890,000.00 | 491,152,000.00 | 579,670,000.00 | -15,213,000.00 | 4,254,499,000.00 | |
Changes in equity for the year 2024: | |||||||
Profit for the year | 789,141,000.00 | 789,141,000.00 | |||||
Amount attributable to equity holders | 789,141,000.00 | 789,141,000.00 | |||||
Transaction with owners directly in equity: | |||||||
Transfer between reserves | (83,673,000.00) | 170,900,000.00 | (87,227,000.00) | ||||
Dividend paid | - | ||||||
Other comprehensive reserve: | |||||||
Changes in the fair value of equity | |||||||
investments designated at FTVOCI | 8,571,000.00 | 8,571,000.00 | |||||
Balance at 31 December 2024 | 2,500,000,000.00 | 1,404,358,000.00 | 662,052,000.00 | 492,443,000.00 | -6,642,000.00 | 5,052,211,000.00 | |
At 1 January 2025 | 2,500,000,000.00 | 1,404,358,000.00 | 662,052,000.00 | 492,443,000.00 | -6,642,000.00 | 5,052,211,000.00 | |
Transfer between reserves | 57,462,905.65 | 57,462,905.65 | |||||
Dividend paid | - | - | |||||
Balance at 31 March, 2025 | 2,500,000,000.00 | 1,461,820,905.65 | 662,052,000.00 | 492,443,000.00 | -6,642,000.00 | 5,109,673,905.65 | |
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LIVINGTRUST MORTGAGE BANK PLC | UNAUDITED | UNAUDITED | |
NOTES TO THE FINANCIAL STATEMENTS | 31-Mar-25 | 31-Mar-24 | |
FOR THE PERIOD ENDED 31 MARCH 2025 | N | N | |
1 | Interest and similar income | ||
Mortgage Loans to customers | 255,964,701.06 | 193,612,874.97 | |
Other Loans and advances to customers | 599,700,995.36 | 501,890,040.93 | |
855,665,696.42 | 695,502,915.90 | ||
2 | Interest and similar expense: | ||
Mortgage Loans to customers | 7,267,783.21 | 11,692,825.96 | |
Other Loans and advances to customers | 616,499,756.99 | 248,377,405.34 | |
623,767,540.20 | 260,070,231.30 | ||
3 | Fees and commission income | ||
Credit related fees and commission | 9,282,492.61 | 17,942,269.35 | |
Commission on turnover | 8,823,115.47 | 5,826,714.11 | |
Other commissions | 606,872.20 | 694,230.75 | |
18,712,480.28 | 24,463,214.21 | ||
4 | Other operating income | ||
Placements with Banks | 132,657,358.88 | 69,196,712.23 | |
Others | 61,256,688.37 | 58,994,478.35 | |
193,914,047.25 | 128,191,190.58 | ||
5 | Impairment losses | ||
Credit loss expense | (1,317,802.48) | (62,500,000.00) | |
6 | Personnel expenses | ||
Salaries and Wages | 73,466,452.29 | 72,120,662.26 | |
Other staff costs | 56,488,048.61 | 38,117,807.45 | |
Pension costs - Defined contribution plan | 4,947,893.58 | 3,156,694.00 | |
Pension costs - Defined benefit plan | 3,440,340.00 | 2,346,000.00 | |
138,342,734.48 | 115,741,163.71 | ||
7 | Directors' cost | ||
Directors fee | 2,656,250.00 | 3,593,750.01 | |
Directors sitting allowance | 1,500,000.00 | 10,350,000.00 | |
4,156,250.00 | 13,943,750.01 | ||
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8 | Depreciation Charge | ||
Motor Vehicle | 9,574,701.27 | 13,018,217.00 | |
Office Equipments | 1,977,076.76 | 1,911,591.00 | |
Computer & Equipments | 1,738,571.71 | 1,590,125.00 | |
Furnitures & Fittings | 719,070.65 | 719,071.00 | |
Household assets | 925,300.92 | 896,895.00 | |
Plant & Mahinery | 3,434,200.22 | 3,440,669.00 | |
Land & Buildings | 2,201,480.50 | 1,224,751.00 | |
Leasehold improvements | 736,409.67 | 736,410.00 | |
21,306,811.70 | 23,537,728.00 | ||
9 | Amortisation charge | ||
Computer Software | 3,616,936.50 | 2,293,707.00 | |
Other Intangible Assets | 4,299,995.73 | 2,129,246.00 | |
7,916,932.23 | 4,422,953.00 | ||
10 | Other operating expenses | ||
Advertising and marketing | 2,516,786.00 | 1,781,230.00 | |
Administrative | 55,366,678.76 | 35,851,408.00 | |
Professional fees | 8,348,382.42 | 1,446,094.00 | |
Others | 134,661,817.34 | 112,048,538.00 | |
200,893,664.52 | 151,127,270.00 | ||
UNAUDITED | AUDITED | ||
31-Mar-25 | 31-Dec-24 | ||
11 | Cash and balances with central bank | ||
Cash on hand | 47,792,906.51 | 8,596,000.00 | |
Deposits with the Central Bank of Nigeria | 181,722,317.69 | 181,722,000.00 | |
229,515,224.20 | 190,318,000.00 | ||
12 | Due from banks | ||
Placements with banks and discount houses | 3,572,698,630.14 | 3,635,690,000.00 | |
Balances with banks within Nigeria | 1,263,653,431.20 | 2,085,051,000.00 | |
Disc Hou/Bank Plcmnts - Interest Receivable | 86,999,525.36 | ||
4,923,351,586.70 | 5,720,741,000.00 | ||
Less: Allowance for impairment losses | (138,433,520.89) | - | |
4,784,918,065.81 | 5,720,741,000.00 | ||
13 | Loans & Advances | ||
By Product Type |
Loans & Advances - Mortgage | 5,079,243,939 | 3,869,960,000.00 | |
On-lending facilities (National Housing Fund) | 1,655,780,000.00 | ||
Estate development loans (Note 19.3) | 4,204,039,000.00 | ||
Other Loans | 4,429,108,000.00 | ||
Loans & Advances - Overdrafts | 327,028,438.00 | ||
Loans & Advances - Term Loans | 11,416,953,211.00 | ||
Loans & Advances- Interest Receivable | 352,683,958.00 | ||
Less: Allowance for impairment losses | (164,962,871.00) | (141,565,000.00) | |
17,010,946,675.00 | 14,017,322,000.00 | ||
14 | Investment Security | ||
Quoted Equities | 1,043,233.50 | 9,614,000.00 | |
Unquoted Equities | 97,777,773.02 | 97,778,000.00 | |
Total investment Security | 98,82,1,006.52 | 107,392,000.00 | |
15 | Other assets | ||
Account receivables | (120,068,280.81) | 53,068,000.00 | |
E-cards and other settlement accounts | (426,045,787.58) | 242,137,000.00 | |
Stationeries and consumables | (626,259.25) | 523,000.00 | |
Prepayments | 2,174,275,851.07 | 795,221,000.00 | |
Impairment allowance on other assets | (144,871,000.00) | ||
1,627,535,523.43 | 946,079,000.00 | ||
16 | Property and Equipment | ||
Cost | 788,265,815.14 | 778,596,000.00 | |
Accumulated Depreciation | (479,466,695.43) | (462,580,000.00) | |
308,799,119.71 | 316,016,000.00 | ||
17 | Intangibles Asset | ||
Cost | 246,489,412.36 | 246,489,000.00 | |
Accumulated Depreciation | (151,678,499.89) | (143,761,000.00) | |
94,810,912.47 | 102,728,000.00 | ||
18 | Borrowings | ||
FMBN | 1,040,712,654.82 | 1,114,380,000.00 | |
NMRC ON-Lending | 935,465,381.83 | 953,639,000.00 | |
DBN ON-Lending | 711,755,144.32 | 877,037,000.00 | |
2,687,933,180.97 | 2,945,056,000.00 | ||
19 | Deposit from customers | ||
Demand | 3,834,088,662.60 | 4,329,417,000.00 | |
Savings | 1,565,615,108.91 | 2,637,285,000.00 | |
Time deposits | 12,794,332,091.48 | 8,228,220,000.00 | |
18,194,035,862.99 | 15,194,922,000.00 | ||
20 | Other liabilities | ||
Account payables | 1,201,565.24 | 424,479,000.00 | |
Accrued expenses | 7,230,000.00 | ||
E-cards and other settlement accounts | 122,354,000.00 | ||
Unclaimed dividend payable | 22,646,000.00 | ||
Taxes and statutory collection payables | 92,175,000.00 | ||
Contribution to pension fund | 3,138,000.00 | ||
Interest payable | 235,261,258.48 | ||
UID and Advance payments | 618,492,742.48 | ||
Sundry Creditors | 600,860,122.62 | ||
Other Payables | 116,313,545.99 | ||
Current Year Profit/ loss to date | 232,113,088.42 | ||
1,804,242,323.23 | 672,022,000.00 | ||
21 | Share capital | ||
5,000,000,000 ordinary shares of 50 Kobo each | 2,500,000,000.00 | 2,500,000,000.00 | |
Issued and fully paid: | |||
5000,000,000 ordinary shares of 50 kobo each | 2,500,000,000.00 | 2,500,000,000.00 | |
-
STATEMENT OF COMPLIANCE
The financial statements and accompanying notes have been drawn up in compliance with IAS 34
-
OTHER DISCLOSURES
The same accounting policies and methods of computation are followed in the interim financial statements as were used in the last audited financial statements of the bank
The Bank prepares interim financial statements for publication and submission to Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) on a quarterly basis.
There are no events after the reporting date which could have had a material effect on the interim statements as at 31 March 2025
Page 10
24. FREE FLOAT | ||||
NAME: | LIVINGTRUST MORTGAGE BANK PLC | |||
BOARD LISTED | GROWTH BOARD | |||
YEAR END | DECEMBER | |||
REPORTING PERIOD | QUARTER 1 ENDED MARCH 31, 2025 | |||
SHARE PRICE AT END OF REPORTING PERIOD | N4.81 (2024: N3.27) | |||
Mar-25 | Mar-24 | |||
Unit | Percentage | unit | Percentage | |
Description | ||||
Issued Share Capital | 5,000,000,000 | 100 | 5,000,000,000 | 100 |
Substantial Shareholdings (5% and above) | ||||
Cititrust Holdings Plc | 2,041,087,747 | 40.82% | 2,041,087,747 | 40.82% |
Osun State Government | 901,466,695 | 18.03% | 901,466,695 | 18.03% |
Osun State Local Government Areas | 1,090,133,708 | 21.80% | 1,090,133,708 | 21.80% |
Adekunle Adewole | 369,506,532 | 7.39% | 369,506,532 | 7.39% |
Total Substantial Holdings | 4,402,194,682 | 88.04% | 4,402,194,682 | 88.04% |
Directors Shareholdings | ||||
Mr. Olanrewaju Afolabi (Indirect) | 2,041,087,747 | 40.82% | 2,041,087,747 | 40.82% |
Dr. Kamaldeen Adekilekun(Indirect) | 901,466,695 | 18.03% | 901,466,695 | 18.03% |
Mr. Sola Ogungbile (Indirect) | 1,090,133,708 | 21.80% | 1,090,133,708 | 21.80% |
Dr. Olumide Adedeji (direct) | 24,695,500 | 0.49% | 24,695,500 | 0.49% |
Mrs. Olaitan Aworonke (direct) | 24,858,015 | 0.49% | 24,858,015 | 0.49% |
Mr. Timothy Gbadeyan (direct) | 1,665,705 | 0.03% | 1,665,705 | 0.03% |
Total Directors Holding | 4,083,907,370 | 81.66% | 4,083,907,370 | 81.66% |
Free Float in Units and Percentage | 546,586,098 | 10.93% | 543,179,960 | 10.86% |
Free Float in Value | N2,629,079,131.38 | N1,776,198,469.20 | ||
LTMB Plc with a free float percentage of 10.93% as at 31 March 2025 is not compliant with The Exchange's free float requirements for companies listed on the Growth Board. | ||||
LTMB Plc with a free float value of N2,629,079,131.38 as at 31 March 2025 is compliant with the Exchange's free float requirements for companies listed on the Growth Board. | ||||
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