LIVINGTRUST MORTGAGE BANK PLC |
UNAUDITED FINANCIAL STATEMENTS FOR HALF YEAR ENDED |
JUNE 30, 2025 CONDENSED REPORT |
Statement of Comprehensive Income | Jan - June | April-June | Jan - June | April-June | |
for the half year ended 30 June, 2025 | 2025 | 2025 | 2024 | 2024 | |
NOTES | UNAUDITED | UNAUDITED | |||
N | N | N | N | ||
Gross Earnings | 3,020,763,720.45 | 1,790,948,896.42 | 1,752,235,154.30 | 890,416,631.57 | |
Interest and similar income | 1 | 2,048,119,599.60 | 1,192,453,903.18 | 1,395,303,350.66 | 699,800,434.76 |
Interest and similar expense | 2 | -1,584,503,835.11 | -960,736,294.91 | -585,656,064.59 | -325,585,833.29 |
Net interest income | 463,615,764.49 | 231,717,608.27 | 809,647,286.07 | 374,214,601.47 | |
Fee and commission income | 3 | 86,875,163.28 | 68,162,683.00 | 40,272,858.03 | 15,809,643.82 |
Fee and commission expense | - | - | - | - | |
Net fee and commission income | 86,875,163.28 | 68,162,683.00 | 40,272,858.03 | 15,809,643.82 | |
Other operating income | 4 | 542,983,570.88 | 349,069,523.63 | 284,964,956.95 | 149,943,165.35 |
Treasury Bills-Interest Income | 342,785,386.69 | 181,262,786.61 | 31,693,988.66 | 24,863,387.64 | |
Total operating income | 1,436,259,885.34 | 830,212,601.51 | 1,166,579,089.71 | 564,830,798.28 | |
Impairment loss (charge)/write back | 5 | -4,528,660.00 | -3,210,857.91 | -125,000,000.00 | -62,500,000.00 |
Net operating income | 1,431,731,224.95 | 827,001,743.60 | 1,041,579,089.71 | 502,330,798.28 | |
Personnel expenses | 6 | -334,567,603.00 | -192,068,618.66 | -256,840,416.00 | -127,155,503.19 |
Depreciation of property and equipment | 7 | -43,459,846.91 | -22,153,035.21 | -47,120,659.73 | -23,582,932.23 |
Amortization of intangible assets | 8 | -15,975,365.54 | -8,058,433.31 | -9,505,344.40 | -5,082,391.18 |
Other operating expenses | 9 | -475,196,244.06 | -274,302,579.54 | -304,464,431.64 | -153,337,162.05 |
Total operating expenses | -869,199,059.65 | -496,582,666.72 | -617,930,851.77 | -309,157,988.65 | |
(Loss)/Profit before tax | 562,532,165.30 | 330,419,076.88 | 423,648,237.94 | 193,172,809.63 | |
Income tax credit/(expense) | -11,254,754.74 | -11,254,754.74 | - | - | |
(Loss)/Profit after tax | 551,277,410.56 | 319,164,322.14 | 423,648,237.94 | 193,172,809.63 | |
Other Comprehensive income/loss | - | - | - | - | |
Total Comprehensive Income | 551,277,410.56 | 319,164,322.14 | 423,648,237.94 | 193,172,809.63 | |
Basic earnings per share (Kobo) | 11.03 | 6.38 | 8.47 | 3.86 | |
The notes on pages 5 to 7 are an integral part of these financial statements.
Page 1
LivingTrust Mortgage Bank Plc | Half Year Ended | Year Ended | |
Statement of Financial Position | 30-June-25 | 31-Dec-24 | |
Half Year Ended 30 June 2025 | NOTES | Unaudited | Audited |
N | N | ||
Cash and balances with CBN | 10 | 370,328,261.99 | 190,318,000.00 |
Due from banks | 11 | 4,605,284,349.98 | 5,720,741,000.00 |
Other Cash Equivalent | 12 | 3,691,268,937.31 | 2,485,793,000.00 |
Loans and advances to customers | 13 | 17,571,277,474.00 | 14,017,322,000.00 |
Investment securities | 14 | 98,821,006.52 | 107,392,000.00 |
Other assets | 15 | 1,985,909,051.00 | 946,079,000.00 |
Deferred Tax Assets | 60,178,321.00 | 60,178,000.00 | |
Property and equipment | 16 | 307,610,584.50 | 316,016,000.00 |
Intangible assets | 17 | 91,461,480.63 | 102,728,000.00 |
28,782,139,467.54 | 23,946,567,000.00 | ||
Non-current assets held for sale | 99,625,695.01 | 99,626,000.00 | |
Total assets | 28,881,765,161.55 | 24,046,193,000.00 | |
Liabilities | |||
Due to customers | 18 | 19,418,529,444.48 | 15,194,922,000.00 |
Debt issued and other borrowed funds | 19 | 2,502,873,466.74 | 2,945,056,000.00 |
Current tax liabilities | 98,940,624.51 | 181,982,000.00 | |
Other liabilities | 20 | 1,809,210,317.67 | 672,022,000.00 |
Deferred tax Liabilities | - | - | |
Total liabilities | 23,829,553,853.40 | 18,993,982,000.00 | |
Equity | |||
Ordinary share capital | 21 | 2,500,000,000.00 | 2,500,000,000.00 |
Share Premium | |||
Statutory reserve | 662,051,670.11 | 662,052,000.00 | |
Retained earnings | 1,404,357,568.16 | 1,404,357,000.00 | |
Fair value reserve | -6,641,579.66 | -6,642,000.00 | |
Regulatory risk reserve | 492,443,650.00 | 492,444,000.00 | |
Total equity | 5,052,211,308.61 | 5,052,211,000.00 | |
Total liabilities and equity | 28,881,765,162.01 | 24,046,193,000.00 |
The notes on pages 5 to 7 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 Half Year Ended 30 June, 2025 as approved on 11 July 2025.
3
LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 JUNE 2025 Cash flows from operating activitiesProfit after tax
Adjustment for non-cash itemsImpairment charge/(write back) on loans and advances
Depreciation of property and equipment Amortisation of intangible assets Income tax expense
Cashflows before changes in working capital
Changes in working capitalIncrease/ decrease in loans and advances Increase / Decrease in other assets Increase/decrease in due to customers Increase/(decrease) other liabilities
Tax paid
Net cash from operating activities Cash flows from investing activities; Purchase of property and equipment Purchase of intangible assetsDisposal of non-current assets held for sale Net cash from/(used) investing activities Cash flows from financing activities Repayment of borrowed funds Additional on-lending facility Repayment of on-lending facility Dividend Paid to registrar
Net cash from financing activitiesIncrease in cash and cash equivalents Cash and cash equivalents as at 1 January
Cash and cash equivalents as at 30 June 2023 Additional cash flow informationCash and cash equivalents
Cash on hand
Cash deposit with CBN
Balances with banks within Nigeria Placements with banks
Treasury bill investment
3
Unaudited | Unaudited |
30-June-25 | 30-June-24 |
551,277,410.56 | 423,648,237.94 |
4,528,660.00 | 125,000,000.00 |
43,459,847.00 | 47,120,659.73 |
15,975,366.00 | 9,505,344.40 |
- | - |
615,241,283.56 | 605,274,242.07 |
-4,711,495,142.78 | -68,998,331.22 |
-975,607,109.41 | -363,082,941.59 |
8,451,731,326.66 | 1,823,147,117.82 |
267,612,984.98 | -348,422,332.69 |
3,647,483,343.01 | 1,739,488,177.70 |
-82,000,000.00 | -93,094,232.48 |
3,565,483,343.01 | 2,251,668,187.29 |
37,000,275.01 | 29,980,140.49 |
-620,437.50 | -38,761,043.13 |
9,167,472.85 | 5,503,832.15 |
45,547,310.36 | -3,277,070.49 |
-103,356,425.49 | -414,853,237.54 |
567,109,122.75 | 584,546,000.00 |
-1,318,960,801.35 | -562,086,039.48 |
- 855,208,104.09 | -392,393,277.02 |
2,755,822,549.00 | 1,855,997,838.86 |
5,911,059,000.00 | 3,678,896,000.00 |
8,666,881,549.28 | 5,534,893,838.86 |
188,605,944.00 | 53,009,772.89 |
181,722,318.00 | 181,722,317.69 |
2,008,777,501.28 | 2,495,161,748.28 |
2,596,506,849.00 | 2,305,000,000.00 |
3,691,268,937.00 | 500,000,000.00 |
8,666,881,549.28 | 5,534,893,838.86 |
LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CHANGES IN EQUITY | |||||||
AS AT 30 JUNE 2025 | |||||||
Ordinary Share Capital | Share Premium | Statutory Reserves | Retained Earnings | Fair value reserve | Regulatory Risk Reserves | Total equity | |
At 1 January 2024 | 2,500,000,000.00 | - | 491,151,000.00 | 698,889,000.00 | -15,212,000.00 | 579,671,000.00 | 4,254,500,000.00 |
Dividend paid | - | - | |||||
At 30 June, 2024 | 2,500,000,000.00 | - | 491,151,000.00 | 698,889,000.00 | -15,212,000.00 | 579,671,000.00 | 4,254,500,000.00 |
At 1 January 2025 | 2,500,000,000.00 | - | 662,052,000.00 | 1,404,358,000.00 | -6,642,000.00 | 492,444,000.00 | 5,052,212,000.00 |
Dividend paid | - | - | |||||
At 30 June, 2025 | 2,500,000,000.00 | - | 662,052,000.00 | 1,404,358,000.00 | -6,642,000.00 | 492,444,000.00 | 5,052,212,000.00 |
Page 4
LIVINGTRUST MORTGAGE BANK PLC | 30-Jun-25 | 30-Jun-24 | |
Notes to the Management Accounts | |||
For the Quarter Ended 30 June 2025 | N | N | |
1 | Interest and similar income | ||
Mortgage Loans to customers | 526,017,926.74 | 381,959,785.00 | |
Other Loans and advances to customers | 1,522,101,672.86 | 1,013,343,566.00 | |
2,048,119,599.60 | 1,395,303,351.00 | ||
2 | Interest and similar expense: | ||
Mortgage Loans to customers | 18,467,967.16 | 22,987,089.00 | |
Other Loans and advances to customers | 1,566,035,867.95 | 562,668,975.00 | |
1,584,503,835.11 | 585,656,064.00 | ||
3 | Fees and commission income | ||
Credit related fees and commission | 66,700,645.43 | 26,965,049.00 | |
Commission on turnover | 18,919,109.34 | 11,957,201.00 | |
Other commissions | 1,255,408.51 | 135,608.00 | |
86,875,163.28 | 40,272,858.00 | ||
4 | Other operating income | ||
Investment Income | 342,785,386.69 | 20,110,600.00 | |
Placements with Banks | 237,191,351.96 | 152,335,100.00 | |
Others | 305,792,218.92 | 112,519,256.00 | |
885,768,957.57 | 284,964,956.00 | ||
5 | Impairment losses | ||
Credit loss expense | 4,528,660.39 | -125,000,000.00 | |
6 | Personnel expenses | ||
Salaries and Wages | 149,700,570.85 | 137,662,018.00 | |
Other staff costs | 159,456,309.66 | 79,154,192.00 | |
Pension costs - Defined contribution plan | 12,003,560.60 | 9,240,984.00 | |
Pension costs - Defined benefit plan | 3,854,662.02 | 5,819,375.00 | |
325,015,103.13 | 231,876,569.00 | ||
Directors' expenses | |||
Direct Directors cost | 9,552,500.01 | 23,717,500.00 | |
Other directors cost | - | 1,246,347.00 | |
Total Personnel expenses | 9,552,500.01 | 24,963,847.00 | |
7 | Depreciation Charge | ||
Motor Vehicle | 19,099,120.91 | 25,974,350.00 | |
Office Equipment | 4,208,741.84 | 3,770,870.00 | |
Computer & Equipment | 3,449,885.05 | 3,223,350.00 | |
Furniture & Fittings | 1,438,141.26 | 1,438,141.00 | |
Household assets | 1,855,701.59 | 1,791,756.00 | |
Plant & Machinery | 6,662,615.92 | 6,881,338.00 | |
Land & Buildings | 5,272,821.00 | 2,568,036.00 |
Leasehold improvements | 1,472,819.34 | 1,472,819.00 | |
43,459,846.91 | 47,120,660.00 | ||
8 | Amortisation charge | ||
Computer Software | 7,391,372.64 | 4,521,436.00 | |
Other Intangible Assets | 8,583,992.90 | 4,983,909.00 | |
15,975,365.54 | 9,505,345.00 | ||
9 | Other operating expenses | ||
Advertising and marketing | 12,523,647.00 | 3,939,780.00 | |
Administrative | 126,099,692.69 | 80,668,592.00 | |
Professional fees | 14,637,965.76 | 3,845,737.00 | |
Other expenses | 333,189,693.35 | 216,010,323.00 | |
486,450,998.80 | 304,464,432.00 | ||
UNAUDITED | AUDITED | ||
30-Jun-25 | 31-Dec-24 | ||
10 | Cash and balances with central bank | ||
Cash on hand | 188,605,944.30 | 8,596,000.00 | |
Deposits with the Central Bank of Nigeria | 181,722,317.69 | 181,722,000.00 | |
370,328,261.99 | 190,318,000.00 | ||
11 | Due from banks | ||
Placements with banks and discount houses | 2,596,506,849.32 | 3,635,690,000.00 | |
Balances with banks within Nigeria | 2,101,129,990.86 | 2,085,051,000.00 | |
Disc Hou/Bank Plcmnts - Interest Receivable | 62,543,247.21 | - | |
4,760,180,087.39 | 5,720,741,000.00 | ||
Less: Allowance for impairment losses | -154,895,737.41 | - | |
4,605,284,349.98 | 5,720,741,000.00 | ||
12 | Other Cash Equivalent | ||
Investment in treasury bill | 3,691,268,937 | 500,000,000.00 | |
13 | Loans & Advances | ||
By Product Type | |||
Loans & Advances - Mortgage | 5,517,569,030.59 | 3,869,960,000.00 | |
Loans & Advances - Overdrafts | 306,710,393.68 | 1,655,780,000.00 | |
Loans & Advances - Term Loans | 11,266,335,895.49 | 4,204,039,000.00 | |
Loans & Advances- Interest Receivable | 500,057,792.50 | 4,429,108,000.00 | |
Less: Allowance for impairment losses | -19,395,638.32 | -141,565,000.00 | |
17,571,277,473.94 | 14,017,322,000.00 | ||
14 | Investment Security | ||
Equities | 1,043,233.50 | 9,614,000.00 | |
Unquoted investments | |||
Debt securities | 97,777,773.02 | 97,778,000.00 | |
Total investment Security | 98,821,006.52 | 107,392,000.00 | |
15 | Other assets |
Prepayments | 1,183,957,632.02 | 53,068,000.00 | |
Stationery stocks | -1,143,604.25 | 242,137,000.00 | |
Other stocks | -925,673.27 | 523,000.00 | |
Account receivables | 114,193,292.44 | 795,221,000.00 | |
Other debits balances | -10,172,596.27 | - | |
Impairment allowance on other assets | - | -144,871,000.00 | |
1,985,909,050.67 | 946,079,000.00 | ||
16 | Total Property and Equipment | ||
Cost | 809,230,315.14 | 778,596,000.00 | |
Accumulated Depreciation | -501,619,730.64 | -462,580,000.00 | |
307,610,584.50 | 316,016,000.00 | ||
17 | Total Intangibles | ||
Cost | 251,214,412.36 | 246,489,000.00 | |
Accumulated Depreciation | -159,752,931.73 | -143,761,000.00 | |
91,461,480.63 | 102,728,000.00 | ||
18 | Borrowings | ||
FMBN | 1,035,454,026.00 | 1,114,380,000.00 | |
NMRC ON-Lending | 925,317,929.99 | 953,639,000.00 | |
DBN ON-Lending | 605,088,478.64 | 877,037,000.00 | |
2,565,860,433.00 | 2,945,056,000.00 | ||
19 | Due to customers | ||
Analysis by type of account: | |||
Demand | 4,709,984,907.00 | 4,329,417,000.00 | |
Savings | 1,439,723,459.00 | 2,637,285,000.00 | |
Time deposits | 13,268,821,079.00 | 8,228,220,000.00 | |
19,418,529,444.00 | 15,194,922,000.00 | ||
20 | Other liabilities | ||
Interest payable | 243,414,991.74 | 7,230,000.00 | |
UID and Advance payments | 477,678,445.40 | - | |
Accounts payable | 1,201,606.36 | 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 | ||
Sundry Creditors | 407,725,515.66 | - | |
Other Payables | 127,912,347.95 | - | |
Current Year Profit/ loss to date | 551,277,410.56 | - | |
Contribution to pension fund | 3,138,000.00 | ||
1,809,210,317.67 | 672,022,000 | ||
Issued capital and reserves | |||
5,000,000,000 ordinary shares of 50K each | 2,500,000,000.00 | 2,500,000,000.00 | |
21 | Ordinary shares | ||
Issued and fully paid: |
5000,000,000 ordinary shares of 50 kobo each | 2,500,000,000.00 | 2,500,000,000.00 | |
The financial statements and accompanying notes have been drawn up in compliance with IAS 34
22. OTHER DISCLOSURESThe 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 30 June 2025.
23. FREE FLOAT | ||||
NAME: | LIVINGTRUST MORTGAGE BANK PLC | |||
BOARD LISTED | GROWTH BOARD | |||
YEAR END | DECEMBER | |||
REPORTING PERIOD | QUARTER 2 ENDED JUNE 30, 2025 | |||
SHARE PRICE AT END OF REPORTING PERIOD | N6.80 (2024: N3.24) | |||
Jun-25 | Jun-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% | 24,794,222 | 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% | 546,586,098 | 10.93% |
Free Float in Value | N3,716,785,466.40 | N1,770,938,957.52 | ||
LTMB Plc with a free float percentage of 10.93% as at 30 June 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 N3,716,785,466.40 as at 30 June 2025 is compliant with the Exchange's free float requirements for companies listed on the Growth Board. | ||||