LIVINGTRUST MORTGAGE BANK PLC
INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE 4TH QUARTER
ENDED
31 DECEMBER 2024
STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR 4TH QUARTER YEAR ENDED 31 DECEMBER, 2024.
The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited and interim financial statements for 4th Quarter Ended 31 December, 2024 which was approved by the Board on 23 January, 2025.
Statement of Comprehensive Income | Jan - Dec. | Oct-Dec. | Jan - Dec. | Oct-Dec. | |
for year ended 31 December, 2024 | NOTES | 2024 | 2024 | 2023 | 2023 |
UNAUDITED | UNAUDITED | AUDITED | AUDITED | ||
N | N | N | |||
Gross Earnings | 3,725,512,972.16 | 1,279,067,799.13 | 2,891,657,000.00 | 722,914,250.00 | |
Interest and similar income | 1 | 2,899,814,738.93 | 940,512,738.58 | 2,397,008,000.00 | 599,252,000.00 |
Interest and similar expense | 2 | -1,378,060,737.27 | -582,643,707.59 | -854,056,000.00 | -213,514,000.00 |
Net interest income | 1,521,754,001.66 | 357,869,030.99 | 1,542,952,000.00 | 385,738,000.00 | |
Fee and commission income | 3 | 102,677,183.51 | 48,824,449.71 | 174,616,000.00 | 43,654,000.00 |
Fee and commission expense | - | - | - | - | |
Net fee and commission income | 102,677,183.51 | 48,824,449.71 | 174,616,000.00 | 43,654,000.00 | |
Other operating income | 4 | 723,021,049.72 | 289,730,610.84 | 320,033,000.00 | 80,008,250.00 |
Total operating income | 2,347,452,234.89 | 696,424,091.54 | 2,037,601,000.00 | 509,400,250.00 | |
Impairment loss (charge)/write back | 5 | -692,047.57 | -165,486.68 | -220,764,000.00 | -55,191,000.00 |
Net operating income | 2,346,760,187.32 | 696,258,604.86 | 1,816,837,000.00 | 454,209,250.00 | |
Personnel expenses | 6 | -508,139,662.08 | -174,871,420.32 | -523,599,000.00 | -130,899,750.00 |
Depreciation of property and equipment | 7 | -91,195,666.03 | -28,304,546.47 | -86,212,000.00 | -21,553,000.00 |
Amortisation of intangible assets | 8 | -23,208,542.83 | -9,276,410.12 | -16,214,000.00 | -4,053,500.00 |
Other operating expenses | 9 | -813,068,521.38 | -325,534,343.11 | -525,152,000.00 | -131,288,000.00 |
Total operating expenses | -1,435,612,392.32 | -537,986,720.02 | -1,151,177,000.00 | -287,794,250.00 | |
(Loss)/Profit before tax | 911,147,795.00 | 158,271,884.84 | 665,660,000.00 | 166,415,000.00 | |
Income tax credit/(expense) | -56,648,888.64 | -28,324,444.32 | -97,386,000.00 | -24,346,500.00 | |
(Loss)/Profit after tax | 854,498,906.36 | 129,947,440.52 | 568,274,000.00 | 142,068,500.00 | |
Other Comprehensive income/loss | - | - | - | - | |
Total Comprehensive Income | 854,498,906.36 | 129,947,440.52 | 568,274,000.00 | 142,068,500.00 | |
Basic earnings per share (Kobo) | 17.09 | 2.60 | 11.37 | 2.84 | |
The notes on pages 5 to 8 are an integral part of these financial statements.
Page 1
LivingTrust Mortgage Bank Plc | YEAR ENDED | YEAR ENDED | |||
Statement of Financial Position | 31-December-24 | 31-December-23 | |||
Year ended 31 | NOTES | Unaudited | Audited | ||
December 2024 | |||||
N | N | ||||
Cash and balances with CBN | 10 | 190,317,901.99 | 114,069,000.00 | ||
Due from banks | 11 | 5,563,992,198.43 | 3,564,827,000.00 | ||
Other Cash Equivalent | 12 | 2,925,447,000.00 | - | ||
Loans and advances to | 13 | 13,995,242,112.31 | 12,790,784,000.00 | ||
customers | |||||
Investment securities | 14 | 98,821,006.52 | 98,821,000.00 | ||
Other assets | 15 | 1,086,870,202.99 | 647,219,000.00 | ||
Deferred Tax Assets | 39,471,432.00 | 39,471,000.00 | |||
Property and equipment | 16 | 316,016,378.21 | 374,591,000.00 | ||
Intangible assets | 17 | 102,727,844.70 | 52,080,000.00 | ||
24,318,906,077.15 | 17,681,862,000.00 | ||||
Non-current assets held for sale | 99,625,695.01 | 114,297,000.00 | |||
Total assets | 24,418,531,772.16 | 17,796,159,000.00 | |||
Liabilities | |||||
Due to customers | 18 | 15,038,932,196.22 | 9,143,651,000.00 | ||
Debt issued and other | 19 | 2,859,863,474.99 | 3,085,875,000.00 | ||
borrowed funds | |||||
Current tax liabilities | 25,864,381.10 | 118,959,000.00 | |||
Other liabilities | 20 | 2,239,372,195.19 | 1,193,175,000.00 | ||
Deferred tax Liabilities | - | - | |||
Total liabilities | 20,164,032,247.50 | 13,541,660,000.00 | |||
Equity | |||||
Ordinary share capital | 21 | 2,500,000,000.00 | 2,500,000,000.00 | ||
Share Premium | |||||
Statutory reserve | 491,151,888.84 | 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 | 4,254,499,524.66 | 4,254,499,000.00 | |||
Total liabilities and equity | 24,418,531,772.16 | 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 |
Page 2
LIVINGTRUST MORTGAGE BANK PLC
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2024
Unaudited | Audited | |
31-Dec-24 | 31-Dec-23 | |
Cash flows from operating activities | N | N |
Profit after tax | 854,498,906.36 | 568,274,000.00 |
Adjustment for non-cash items | ||
Impairment charge/(write back) on loans and advances | 692,047.57 | 95,515,000.00 |
Impairment written off on loans and advances | -69,566,000.00 | |
Impact of interest in suspense | 105,770,000.00 | |
Impairment write back on other asset | 126,711,000.00 | |
Depreciation of property and equipment | 91,195,666.03 | 86,212,000.00 |
Amortisation of intangible assets | 23,208,542.83 | 16,214,000.00 |
Income tax expense | 56,648,888.64 | 97,386,000.00 |
Cashflows before changes in working capital | 171,745,145.07 | 1,026,516,000.00 |
Changes in working capital | ||
Increase/ decrease in loans and advances | -1,204,458,112.31 | -2,243,129,000.00 |
Increase / Decrease in other assets | -439,651,202.99 | -326,063,000.00 |
Increase/decrease in due to customers | 5,895,281,196.22 | 3,652,051,000.00 |
Increase/(decrease) other liabilities | 1,046,197,195.19 | 598,330,000.00 |
5,297,369,076.11 | 1,681,189,000.00 | |
Tax paid | -56,648,888.64 | -254,089,000.00 |
Witholding tax credit utilised | -3,644,000.00 | |
Net cash flows from operating activities | 5,240,720,187.47 | 2,449,972,000.00 |
Cash flows from investing activities; | ||
Purchase/Disposal of property and equipment | 58,574,621.79 | -82,779,000.00 |
Purchase/Disposal of intangible assets | -50,647,844.70 | -18,761,000.00 |
Disposal of non-current assets held for sale | 14,671,304.99 | 35,020,000.00 |
Proceeds from disposal of property and equipment | 344,000.00 | |
Net cash flow from/(used) investing activities | 22,598,082.08 | -66,176,000.00 |
Cash flows from financing activities | ||
Additions to borrowed funds | 1,082,299,624.91 | 2,046,240,000.00 |
Repayment of borrowed fund | -1,248,111,217.01 | -1,801,822,000.00 |
Dividend Paid to registrar | - | -61,627,000.00 |
Net cash flow from financing activities | -165,811,592.10 | 182,791,000.00 |
Increase in cash and cash equivalents | 5,097,506,677.45 | 2,566,585,000.00 |
Cash and cash equivalents as at 1 January 2024 | 3,678,896,000.00 | 1,112,311,000.00 |
Cash and cash equivalents as at 31 December 2024 | 8,776,402,677.45 | 3,678,896,000.00 |
Additional cash flow information | ||
Cash and cash equivalents | ||
Cash on hand | 8,595,584.30 | 6,732,000.00 |
Deposit with Central Bank of Nigeria (CRR) | 181,722,317.69 | 107,337,000.00 |
Balances with banks within Nigeria | 2,051,637,775.46 | 2,447,048,000.00 |
Placements with banks and other financial institutions | 3,609,000,000.00 | 1,117,779,000.00 |
Treasury bill Investment | 2,925,447,000.00 | |
8,776,402,677.45 | 3,678,896,000.00 | |
LIVINGTRUST MORTGAGE BANK PLC
STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2024
Ordinary | share | Share | Statutory | Retained Earnings | Fair value | Regulatory | Total equity | |
capital | Premium | Reserve | reserve | Risk reserve | ||||
At 1 January 2023 | 2,500,000,000.00 | 377,496,000.00 | 794,768,000.00 | - 17,113,000.00 | 90,800,000.00 | 3,745,951,000.00 | ||
Profit for the year | 568,274,000.00 | |||||||
Transfer between | ||||||||
reserves | 113,655,000.00 | -602,526,000.00 | 488,871,000.00 | |||||
Dividend paid | -61,627,000.00 | |||||||
Investments | 1,901,000.00 | 1,901,000.00 | ||||||
designated at | ||||||||
FTVOCI | ||||||||
At 31 December, | 2,500,000,000.00 | 491,151,000.00 | 698,889,000.00 | - 15,212,000.00 | 579,671,000.00 | 4,254,499,000.00 | ||
2023 | ||||||||
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 | 4,254,499,000.00 | ||
Addition/reduction | ||||||||
Dividend paid | ||||||||
At 31 December, | 2,500,000,000.00 | 491,151,000.00 | 698,889,000.00 | - 15,212,000.00 | 579,671,000.00 | 4,254,499,000.00 | ||
2024 |
LIVINGTRUST MORTGAGE BANK PLC | 31-Dec-24 | 31-Dec-23 | |
Notes to the Management Accounts | |||
For the year ended 31 December 2024 | N | N | |
1 | Interest and similar income | ||
Mortgage Loans to customers | 837,074,806.61 | 89,999,000.00 | |
Other Loans and advances to customers | 2,062,739,932.32 | 2,307,009,000.00 | |
2,899,814,738.93 | 2,397,008,000.00 | ||
2 | Interest and similar expense: | ||
Mortgage Loans to customers | 45,152,153.46 | 315,279,000.00 | |
Other Loans and advances to customers | 1,332,908,583.81 | 538,777,000.00 | |
1,378,060,737.27 | 854,056,000.00 | ||
3 | Fees and commission income | ||
Credit related fees and commission | 69,162,842.03 | 133,081,000.00 | |
Commission on turnover | 30,710,441.05 | 16,886,000.00 | |
Other commissions | 2,803,900.43 | 24,649,000.00 | |
102,677,183.51 | 174,616,000.00 | ||
4 | Other operating income | ||
Dividend income on security | 195,780,795.37 | 7,520,000.00 | |
Placements with Banks | 297,696,774.07 | ||
Foreign Exchange gains | 2,777,460.74 | 2,777,000.00 | |
ATM fees income | 1,215,825.00 | ||
Legal fee income | 7,629,060.00 | ||
Valuation fees income | 102.50 | ||
Other Miscellanous income | 150,510,498.54 | 273,336,000.00 | |
Other E- business income | 54,733,892.07 | 36,400,000.00 | |
SMS Iincome | 2,166,740.00 | ||
ATM card income | 130,208.85 | ||
Electronic income | 10,379,692.58 | ||
723,021,049.72 | 320,033,000.00 | ||
5 | Impairment loss (write back)/charged | ||
Placement with other banks and other financial institution | 1,462,000.00 | ||
Loan and advances to customers | -692,047.57 | -95,515,000.00 | |
Other assets | -126,711,000.00 | ||
-692,047.57 | -220,764,000.00 | ||
6 | Personnel expenses | ||
Salaries and Wages | 295,569,662.98 | 389,403,000.00 | |
Pension contribution and gratuity | 34,558,000.00 | ||
PAYE, NHF and NSITF | 533,000.00 | ||
Other staff costs | 182,070,818.19 | 99,105,000.00 | |
Pension costs - Defined contribution plan | 17,295,081.02 | ||
Pension costs - Defined benefit plan | 13,204,099.89 | ||
508,139,662.08 | 523,599,000.00 | |||
7 | Depreciation Charge | |||
Motor Vehicle | 48,276,677.63 | 50,693,000.00 | ||
Office Equipments | 7,429,003.75 | 6,663,000.00 | ||
Computer & Equipments | 6,672,357.58 | 3,797,000.00 | ||
Furnitures & Fittings | 2,876,282.52 | 6,488,000.00 | ||
Household assets | 3,591,625.65 | 3,794,000.00 | ||
Plant & Mahinery | 13,909,060.88 | 10,966,000.00 | ||
Land & Buildings | 5,495,019.34 | 2,829,000.00 | ||
Leasehold improvements | 2,945,638.68 | 982,000.00 | ||
91,195,666.03 | 86,212,000.00 | |||
8 | Amortisation charge | |||
Computer Software | 9,622,809.47 | 8,374,000.00 | ||
Other Intangible Assets | 13,585,733.36 | 7,840,000.00 | ||
23,208,542.83 | 16,214,000.00 | |||
9 | Other operating expenses | |||
NDIC premium | 19,205,000.00 | |||
Insurance | 13,952,000.00 | |||
Bank charges and commission on mortgage | activities | 104,667,000.00 | ||
Rent, lease and rates | 15,634,000.00 | |||
Diesel for IT department | 26,082,000.00 | |||
Auditor's remuneration | 7,500,000.00 | |||
Repairs and maintenance | 28,474,000.00 | |||
Information Technology | 37,068,000.00 | |||
Security services | 14,955,000.00 | |||
Printing and stationery | 6,913,000.00 | |||
Electricity, fuel and lubricants | 28,321,000.00 | |||
Diesel expenses | 47,951,000.00 | |||
Travel, Hotel and accomodation | 81,508,000.00 | |||
Telephone and communication | 8,427,000.00 | |||
Subscription | 9,121,000.00 | |||
Office consumables | 11,728,000.00 | |||
Directors emolument | 31,702,879.38 | 55,711,000.00 | ||
Legal and professional fees | 17,163,605.84 | 7,935,000.00 | ||
Advertising and marketing | 13,339,147.94 | |||
Administrative | 201,950,005.54 | |||
Others | 548,912,882.68 | |||
813,068,521.38 | 525,152,000.00 | |||
10 | Cash and balances with central bank | |||
Cash on hand | 8,595,584.30 | 6,732,000.00 | ||
Deposits with the Central Bank of Nigeria | 181,722,317.69 | 107,337,000.00 | ||
190,317,901.99 | 114,069,000.00 | |||
11 | Due from banks | |||
Placements with banks and discount houses | 3,609,000,000.00 | 1,124,302,000.00 | |
Balances with banks within Nigeria | 2,051,637,775.46 | 2,447,047,000.00 | |
Disc Hou/Bank Plcmnts - Interest Receivable | 41,787,943.86 | - | |
5,702,425,719.32 | 3,571,349,000.00 | ||
Less: Allowance for impairment losses | -138,433,520.89 | -6,522,000.00 | |
5,563,992,198.43 | 3,564,827,000.00 | ||
12 | Other Cash Equivalents | ||
Treasury Bill Investment | 2,925,447,000.00 | - | |
13 | Loans & Advances | ||
By Product Type | |||
Loans & Advances - Mortgage | 5,030,282,191.07 | 3,369,248,000.00 | |
On-lending facilities (National Housing Fund) | - | 1,690,868,000.00 | |
Estate development loans | - | 2,991,972,000.00 | |
Other loans | - | 5,007,419,000.00 | |
Loans & Advances - Overdrafts | 261,385,876.02 | - | |
Loans & Advances - Term Loans | 8,485,805,550.69 | - | |
Loans & Advances- Interest Receivable | 381,413,562.93 | - | |
Less: Allowance for impairment losses | -163,645,068.40 | -268,723,000.00 | |
13,995,242,112.31 | 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 | 795,221,039.41 | 285,104,000.00 | |
Stationery and consumables | -122,719.25 | 3,231,000.00 | |
E-cards and other settlement accounts | 646,099.67 | 463,500,000.00 | |
Account receivables | 298,551,797.49 | 27,295,000.00 | |
Other debits balances | -7,426,014.33 | ||
Impairment allowance on other assets | - | -131,911,000.00 | |
1,086,870,202.99 | 647,219,000.00 | ||
16 | Property, Plant and Equipment | ||
Cost | 778,596,165.09 | 745,975,000.00 | |
Accumulated Depreciation | -462,579,786.88 | -371,384,000.00 | |
316,016,378.21 | 374,591,000.00 | ||
17 | Total Intangibles | ||
Cost | 246,489,412.36 | 172,633,000.00 | |
Accumulated amortisation | -143,761,567.66 | -120,553,000.00 | |
102,727,844.70 | 52,080,000.00 | ||
18 | Due to customers | ||
Demand | 4,329,417,137.87 | 3,536,706,000.00 | |
Savings | 2,637,285,191.89 | 1,429,102,000.00 | |
Time deposits | 8,072,229,866.46 | 4,177,843,000.00 | |
15,038,932,196.22 | 9,143,651,000.00 | ||
19 | Debt issued and other borrowed funds | ||
Nigeria Mortgage Refinancing Company | 950,728,164.88 | 876,074,000.00 | |
Federal Mortgage Bank of Nigeria | 1,037,380,165.77 | 1,002,960,000.00 | |
Development Bank of Nigeria | 871,755,144.34 | 1,206,841,000.00 | |
2,859,863,474.99 | 3,085,875,000.00 | ||
20 | Other liabilities | ||
Interest payable | 155,989,954.54 | - | |
UID and Advance payments | 564,090,416.68 | - | |
E-cards and other settlement accounts | - | 625,337,000.00 | |
Unclaimed dividend payable | - | 14,161,000.00 | |
Taxes and statutory collection payables | - | 45,332,000.00 | |
Unearned incomes | - | 250,000.00 | |
Contribution to pension fund | - | 1,320,000.00 | |
Accounts payable | 1,138,695.07 | 499,545,000.00 | |
Provision and accrual | - | 7,230,000.00 | |
Sundry Creditors | 553,112,604.01 | - | |
Other Payables | 110,541,618.53 | - | |
Current Year Profit/ loss to date | 854,498,906.36 | - | |
2,239,372,195.19 | 1,193,175,000.00 | ||
21 | Issued capital and reserves | ||
5,000,000,000 ordinary shares of 50K each | 2,500,000,000.00 | 2,500,000,000.00 | |
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 | |
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 31 December 2024.
24. FREE FLOAT
NAME: | LIVINGTRUST MORTGAGE BANK PLC | |||
BOARD LISTED | GROWTH BOARD | |||
YEAR END | DECEMBER | |||
REPORTING PERIOD | QUARTER 4 ENDED DECEMBER 31, 2024 | |||
SHARE PRICE AT END OF REPORTING | N4.38 (2023: N2.98) | |||
PERIOD | ||||
Dec-24 | Dec-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% |
Dr. Wale Bolorunduro (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. Yemi Adefisan (direct) | 2,230,000 | 0.04% | 2,230,000 | 0.04% |
Prof. Charles Ukeje (direct) | 72,993 | 0.001% | 72,993 | 0.001% |
Total Directors Holding | 4,084,544,658 | 81.69% | 4,084,544,658 | 81.69% |
Free Float in Units and Percentage | 545,948,810 | 10.92% | 540,943,289 | 10.82% |
Free Float in Value | N2,391,255,787.80 | N1,612,011,001.22 |
LTMB Plc with a free float percentage of 10.92% as at 31 December 2024 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 N2,391,255,787.80 as at 31 December 2024 is compliant with the Exchange's free float requirements for companies listed on the Growth Board.