LIVINGTRUST MORTGAGE BANK PLC
INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE 3RD QUARTER ENDED
30 SEPTEMBER 2024
STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON
THE EXTRACT OF THE UNAUDITED RESULTS FOR 3RD QUARTER YEAR ENDED 30
SEPTEMBER, 2024.
The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited and interim financial statements for 3rd Quarter Ended 30 September, 2024 which was approved by the Board on 21 October, 2024.
Statement of Comprehensive Income | Jan - Sept. | July-Sept | Jan - Sept | July-Sept | |
for 3rd Quarter ended 30 September, | 2024 | 2024 | 2023 | 2023 | |
2024 | |||||
NOTES | UNAUDITED | UNAUDITED | UNAUDITED | UNAUDITED | |
N | N | N | N | ||
Gross Earnings | 2,744,189,902.88 | 998,785,349.60 | 1,963,725,205.00 | 669,403,807.00 | |
Interest and similar income | 1 | 2,183,604,212.07 | 788,300,861.41 | 1,635,909,208.00 | 555,585,314.00 |
Interest and similar expense | 2 | -939,347,793.37 | -353,691,728.78 | - 600,341,731.00 | - 203,614,747.00 |
Net interest income | 1,244,256,418.70 | 434,609,132.63 | 1,035,567,477.00 | 351,970,567.00 | |
Fee and commission income | 3 | 66,688,116.78 | 26,415,258.75 | 78,569,237.00 | 23,198,766.00 |
Fee and commission expense | - | - | - | - | |
Net fee and commission income | 66,688,116.78 | 26,415,258.75 | 78,569,237.00 | 23,198,766.00 | |
Other operating income | 4 | 409,800,728.16 | 131,666,372.23 | 249,246,759.00 | 90,619,727.00 |
Treasury Bills-Interest Income | 84,096,845.87 | 52,402,857.21 | - | - | |
Total operating income | 1,804,842,109.51 | 645,093,620.82 | 1,363,383,473.00 | 465,789,060.00 | |
Impairment loss (charge)/write back | 5 | - 526,560.89 | 191,558.19 | -221,494.00 | 91,598.00 |
Net operating income | 1,804,315,548.62 | 645,285,179.01 | 1,363,161,979.00 | 465,880,658.00 | |
Personnel expenses | 6 | - 402,312,337.35 | -145,471,920.44 | - 364,919,521.00 | -112,578,761.00 |
Depreciation of property | 7 | -69,922,011.05 | -22,801,351.32 | - 62,815,620.00 | -21,588,769.00 |
andequipment | |||||
Amortisation of intangible assets | 8 | -16,144,610.31 | -6,639,265.91 | -12,182,658.00 | -4,245,455.00 |
Other operating expenses | 9 | -535,954,182.07 | -231,489,750.43 | -388,714,090.00 | -157,705,151.26 |
Total operating expenses | -1,024,333,140.78 | -406,402,288.10 | -828,631,889.00 | -296,118,136.26 | |
(Loss)/Profit before tax | 779,982,407.84 | 238,882,890.91 | 534,530,090.00 | 169,762,521.74 | |
Income tax credit/(expense) | -28,324,444.32 | -28,324,444.32 | -13,194,821.00 | ||
-13,194,821.00 | |||||
(Loss)/Profit before tax | 751,657,963.52 | 210,558,446.59 | 521,335,269.00 | 156,567,700.74 | |
Other Comprehensive income/loss | - | - | - | - | |
Total Comprehensive Income | 751,657,963.52 | 210,558,446.59 | 521,335,269.00 | 156,567,700.74 | |
Basic earnings per share (Kobo) | 15.03 | 4.21 | 10.43 | 3.13 | |
The notes on pages 5 to 7 are an integral part of these financial statements.
Page 1
LivingTrust Mortgage Bank Plc | 9 MONTH ENDED | YEAR ENDED | |||
Statement of Financial Position | 30-September-24 | 31-December-23 | |||
9 months ended 30 | NOTES | Unaudited | Audited | ||
September 2024 | |||||
N | N | ||||
Cash and balances with CBN | 10 | 183,475,129.46 | 114,069,000.00 | ||
Due from banks | 11 | 3,536,778,567.86 | 3,564,827,000.00 | ||
Other Cash Equivalent | 12 | 1,201,178,000.00 | - | ||
Loans and advances to | 13 | 13,428,357,273.64 | 12,790,784,000.00 | ||
customers | |||||
Investment securities | 14 | 98,821,006.52 | 98,821,000.00 | ||
Other assets | 15 | 1,258,029,328.77 | 647,219,000.00 | ||
Deferred Tax Assets | - | 39,471,000.00 | |||
Property and equipment | 16 | 325,405,033.19 | 374,591,000.00 | ||
Intangible assets | 17 | 84,201,777.22 | 52,080,000.00 | ||
20,116,246,116.66 | 17,681,862,000.00 | ||||
Non-current assets held for sale | 108,793,167.86 | 114,297,000.00 | |||
Total assets | 20,225,039,284.52 | 17,796,159,000.00 | |||
Liabilities | |||||
Due to customers | 18 | 10,920,886,761.88 | 9,143,651,000.00 | ||
Debt issued and other | 19 | 2,916,135,991.88 | 3,085,875,000.00 | ||
borrowed funds | |||||
Current tax liabilities | 25,864,381.10 | 118,959,000.00 | |||
Other liabilities | 20 | 2,037,967,921.79 | 1,193,175,000.00 | ||
Deferred tax Liabilities | 69,684,751.00 | - | |||
Total liabilities | 15,970,539,807.65 | 13,541,660,000.00 | |||
Equity | |||||
Ordinary share capital | 21 | 2,500,000,000.00 | 2,500,000,000.00 | ||
Share Premium | |||||
Statutory reserve | 491,151,841.05 | 491,151,000.00 | |||
Retained earnings | 698,888,999.54 | 698,889,000.00 | |||
Fair value reserve | -15,212,363.61 | -15,212,000.00 | |||
Regulatory risk reserve | 579,670,999.89 | 579,671,000.00 | |||
Total equity | 4,254,499,476.87 | 4,254,499,000.00 | |||
Total liabilities and equity | 20,225,039,284.52 | 17,796,159,000.00 | |||
The notes on pages 5 to 9 are an integral part of these financial statements. | |||||
Dr. Adedeji Olumide | 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 3rd Quarter Ended 30 September, 2024 as approved on 21 October 2024.
3
LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CASH FLOWS FOR THE 3RD QUARTER ENDED 30 SEPTEMBER 2024
Cash flows from operating activities
Profit after tax
Adjustment for non-cash items
Impairment 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 capital
Increase/ 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 assets
Disposal 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 Shareholders
Net cash from financing activities
Increase in cash and cash equivalents
Cash and cash equivalents as at 1 January
Cash and cash equivalents as at 30 September 2024 Additional cash flow information
Cash and cash equivalents
Cash on hand
Cash deposit with CBN
Balances with banks within Nigeria
Placements with banks
Treasury bill Investment
Unaudited | Unaudited |
30-September-24 | 30-September-23 |
N | N |
751,657,963.52 | 521,335,269.18 |
526,560.89 | 221,494.00 |
69,922,011.05 | 62,815,620.00 |
16,144,610.31 | 12,182,658.00 |
- | - |
86,593,182.25 | 596,555,041.18 |
-637,573,273.64 | -1,592,004,159.53 |
-610,810,328.77 | 100,711,203.94 |
1,777,235,761.88 | 1,675,207,758.04 |
844,792,921.79 | 491,806,933.16 |
1,373,645,081.26 | 1,272,276,776.79 |
-28,324,444.32 | -13,194,821.33 |
1,345,320,636.94 | 1,259,081,955.46 |
49,185,966.81 | -45,080,284.69 |
-32,121,777.22 | -7,850,000.00 |
5,503,832.14 | - |
22,568,021.73 | -52,930,284.69 |
-419,656,411.01 | -262,908,398.04 |
443,099,599.38 | 63,500,000.00 |
-27,034,834.90 | -18,476,186.76 |
- | -61,625,850.00 |
-3,591,646.53 | -279,510,434.80 |
1,364,297,012.14 | 926,641,235.97 |
3,678,896,000.00 | 2,608,023,895.80 |
5,043,193,012.14 | 3,534,665,131.77 |
1,752,811.77 | 24,758,763.00 |
181,722,317.69 | 106,855,533.14 |
2,249,539,882.68 | 2,551,055,303.34 |
1,409,000,000.00 | 851,995,532.29 |
1,201,178,000.00 | - |
5,043,193,012.14 | 3,534,665,131.77 |
3 |
LIVINGTRUST MORTGAGE BANK | |||||||
PLC STATEMENT OF CHANGES IN | |||||||
EQUITY | |||||||
AS AT 30 SEPTEMBER 2024 | N | N | N | N | N | N | N |
Ordinary | Fair value | Regulatory | Total equity | ||||
Share | Share | Statutory | Retained | reserve | Risk Reserves | ||
Capital | Premium | Reserves | Earnings | ||||
At 1 January 2023 | 2,500,000,000.00 | 377,497,041.00 | 794,768,000.00 | - | 90,799,421.00 | 3,745,951,462.00 | |
17,113,000.00 | |||||||
Dividend paid | - 61,625,850.00 | - 61,625,850.00 | |||||
At 30 September, 2023 | 2,500,000,000.00 | - | 377,497,041.00 | 733,142,150.00 | -17,113,000.00 | 90,799,421.00 | 3,684,325,612.00 |
At 1 January 2024 | 2,500,000,000.00 | 491,151,841.00 | 698,889,000.00 | -15,212,364.00 | 579,671,000.00 | 4,254,499,477.00 | |
Dividend paid | - | - | |||||
At 30 September, 2024 | 2,500,000,000.00 | 491,151,841.00 | 698,889,000.00 | -15,212,364.00 | 579,671,000.00 | 4,254,499,477.00 | |
Page 4
LIVINGTRUST MORTGAGE | |||
BANK PLC | |||
LIVINGTRUST MORTGAGE BANK | 30-Sep-24 | 30-Sep-23 | |
PLC | |||
Notes to the Management | |||
Accounts | |||
For the 3rd Quarter ended 30 | N | N | |
September 2024 | |||
1 | Interest and similar income | ||
Mortgage Loans to customers | 597,246,296.77 | 548,087,315.00 | |
Other Loans and advances to | 1,586,357,915.30 | 1,087,821,893.00 | |
customers | |||
2,183,604,212.07 | 1,635,909,208.00 | ||
2 | Interest and similar expense: | ||
Mortgage Loans to customers | 26,703,695.85 | 21,386,444.00 | |
Other Loans and advances to | 912,644,097.52 | 578,955,287.00 | |
customers | |||
939,347,793.37 | 600,341,731.00 | ||
3 | Fees and commission income | ||
Credit related fees and commission | 44,905,190.92 | 65,953,749.00 | |
Commission on turnover | 19,809,272.74 | 10,860,130.00 | |
Other commissions | 1,973,653.12 | 1,755,358.00 | |
66,688,116.78 | 78,569,237.00 | ||
4 | Other operating income | ||
Dividend income on security | 13,279,999.42 | 7,520,000.00 | |
Placements with Banks | 221,339,444.40 | 63,003,491.00 | |
Foreign Exchange gains | 2,777,460.74 | - | |
ATM fees income | 1,069,114.00 | 2,314,099.00 | |
Legal fee income | 6,840,060.00 | 4,069,820.00 | |
Valuation fees income | 102.50 | - | |
Other Miscellanous income | 114,013,156.39 | 142,126,599.53 | |
Other E- business income | 39,643,288.58 | 20,874,674.33 | |
SMS Iincome | 1,575,908.00 | 539,756.00 | |
ATM card income | 71,086.25 | 340,620.00 | |
Electronic income | 9,191,107.88 | 8,457,699.14 | |
409,800,728.16 | 249,246,759.00 | ||
5 | Impairment losses | ||
Credit loss expense | - 526,560.89 | -221,494.00 | |
6 | Personnel expenses | ||
Salaries and Wages | 213,913,028.69 | 209,768,233.00 | |
Other staff costs | 141,367,697.97 | 125,390,171.00 | |
Pension costs - Defined contribution | 12,410,122.39 | 14,441,607.00 | |
plan | |||
Pension costs - Defined benefit plan | 5,819,374.89 | 15,319,510.00 | |
373,510,223.94 | 364,919,521.00 | ||
Directors' expenses | |||
Direct Directors cost | 24,925,000.02 | 21,515,000.00 | |
Other directors cost | 3,877,113.39 | 17,797,346.00 | |
Total Personnel expenses | 402,312,337.35 | 404,231,867.00 | |
7 | Depreciation Charge | ||
Motor Vehicle | 37,965,915.45 | 37,674,650.00 | |
Office Equipments | 5,601,466.95 | 4,892,806.00 | |
Computer & Equipments | 4,965,926.02 | 4,777,414.00 | |
Furnitures & Fittings | 2,157,211.91 | 2,117,152.00 | |
Household assets | 2,686,617.64 | 2,853,099.00 | |
Plant & Mahinery | 10,395,199.57 | 7,697,288.00 | |
Land & Buildings | 3,940,444.50 | 2,803,211.00 | |
Leasehold improvements | 2,209,229.01 | - | |
69,922,011.05 | 62,815,620.00 | ||
8 | Amortisation charge | ||
Computer Software | 6,858,872.66 | 6,086,961.00 | |
Other Intangible Assets | 9,285,737.65 | 6,095,697.00 | |
16,144,610.31 | 12,182,658.00 | ||
9 | Other operating expenses | ||
Advertising and marketing | 9,549,049.88 | 5,496,303.00 | |
Administrative | 133,222,520.98 | 81,597,115.00 | |
Professional fees | 11,199,201.08 | 2,319,000.00 | |
Others | 381,983,410.13 | 299,301,672.00 | |
535,954,182.07 | 388,714,090.00 | ||
10 | Cash and balances with central | ||
bank | |||
Cash on hand | 1,752,811.77 | 6,732,000.00 | |
Deposits with the Central Bank of | 181,722,317.69 | 107,337,000.00 | |
Nigeria |
183,475,129.46 | 114,069,000.00 | ||
11 | Due from banks | ||
Placements with banks and discount | 1,409,000,000.00 | 1,124,302,000.00 | |
houses | |||
Balances with banks within Nigeria | 2,249,539,882.68 | 2,447,047,000.00 | |
Disc Hou/Bank Plcmnts - Interest | 16,672,206.07 | - | |
Receivable | |||
3,675,212,088.75 | 3,571,349,000.00 | ||
Less: Allowance for impairment | -138,433,520.89 | -6,522,000.00 | |
losses | |||
3,536,778,567.86 | 3,564,827,000.00 | ||
12 | Other Cash Equivalents | ||
Treasury Bill Investment | 1,201,178,000.00 | - | |
13 | Loans & Advances | ||
By Product Type | |||
Loans & Advances - Mortgage | 4,422,921,796.10 | 3,369,248,000.00 | |
On-lending facilities (National | - | 1,690,868,000.00 | |
Housing Fund) | |||
Estate development loans | - | 2,991,972,000.00 | |
Other loans | - | 5,007,419,000.00 | |
Loans & Advances - Overdrafts | 223,795,817.27 | - | |
Loans & Advances - Term Loans | 8,666,398,596.04 | - | |
Loans & Advances- Interest | 278,720,645.95 | - | |
Receivable | |||
Less: Allowance for impairment | -163,479,581.72 | -268,723,000.00 | |
losses | |||
13,428,357,273.64 | 12,790,784,000.00 | ||
14 | Investment securities | ||
quoted Equities | 1,043,233.50 | 1,043,000.00 | |
Unquoted Equities | 97,777,773.02 | 97,778,000.00 | |
Total investment Security | 98,821,006.52 | 98,821,000.00 | |
15 | Other assets | ||
Prepayments | 699,826,708.72 | 285,104,000.00 | |
Stationery and consumables | 1,391,330.14 | 3,231,000.00 | |
E-cards and other settlement | 524,483,944.79 | 463,500,000.00 | |
accounts | |||
Account receivables | 32,327,345.12 | 27,295,000.00 | |
Other debits balances | |||
Impairment allowance on other | - | -131,911,000.00 | |
assets | |||
1,258,029,328.77 | 647,219,000.00 | ||
16 | Property, Plant and Equipment | ||
Cost | 766,711,165.09 | 745,975,000.00 | |
Accumulated Depreciation | -441,306,131.90 | -371,384,000.00 | |
325,405,033.19 | 374,591,000.00 | ||
17 | Intangible Assets | ||
Cost | 220,899,412.36 | 172,633,000.00 | |
Accumulated amortisation | -136,697,635.14 | -120,553,000.00 | |
84,201,777.22 | 52,080,000.00 | ||
18 | Due to customers | ||
Demand | 2,977,968,526.96 | 3,536,706,000.00 | |
Savings | 1,506,764,095.07 | 1,429,102,000.00 | |
Time deposits | 6,436,154,139.85 | 4,177,843,000.00 | |
10,920,886,761.88 | 9,143,651,000.00 | ||
19 | Debt issued and other borrowed | ||
funds | |||
Nigeria Mortgage Refinancing | 830,104,067.26 | 876,074,000.00 | |
Company | |||
Federal Mortgage Bank of Nigeria | 1,057,252,702.54 | 1,002,960,000.00 | |
Development Bank of Nigeria | 1,028,779,222.08 | 1,206,841,000.00 | |
2,916,135,991.88 | 3,085,875,000.00 | ||
20 | Other liabilities | ||
Interest payable | 131,259,673.85 | - | |
UID and Advance payments | 277,265,800.03 | - | |
E-cards and other settlement | - | 625,337,000.00 | |
accounts | |||
Unclaimed dividend payable | - | 14,161,000.00 | |
Taxes and statutory collection | - | 45,332,000.00 | |
payables | |||
Unearned incomes | - | 250,000.00 | |
Contribution to pension fund | - | 1,320,000.00 | |
Accounts payable | 2,118,154.76 | 499,545,000.00 | |
Provision and accrual | 105,000.00 | 7,230,000.00 | |
Sundry Creditors | 790,033,285.97 | - | |
Other Payables | 85,528,043.66 | - | |
Current Year Profit/ loss to date | 751,657,963.52 | - | |
2,037,967,921.79 | 1,193,175,000.00 | ||
21 | Ordinary share capital | ||
5,000,000,000 ordinary shares of | 2,500,000,000.00 | 2,500,000,000.00 | |
50K each | |||
Ordinary shares | |||
Issued and fully paid: | |||
5000,000,000 ordinary shares of 50 | 2,500,000,000.00 | 2,500,000,000.00 | |
kobo each |
22. STATEMENT OF COMPLIANCE
The financial statements and accompanying notes have been drawn up in compliance with IAS 34
23. 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 30 September 2024.
24. FREE FLOAT
NAME: | LIVINGTRUST MORTGAGE BANK PLC | |||
BOARD LISTED | GROWTH BOARD | |||
YEAR END | DECEMBER | |||
REPORTING PERIOD | QUARTER 3 ENDED SEPTEMBER 30, 2024 | |||
SHARE PRICE AT END OF REPORTING | N3.00 (2023: N2.71) | |||
PERIOD | ||||
Sep-24 | Sep-23 | |||
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% | 2,041,094,418 | 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% | 4,402,201,353 | 88.04% |
Directors Shareholdings | ||||
Mr. Yemi Adefisan (Indirect) | 2,041,087,747 | 40.82% | 2,041,094,418 | 40.82% |
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