The Living Trust Mortgage Bank’s unaudited third-quarter 2020 financial results have shown the firm posed an incredible leap in profits.
Naijtech gathered that the company’s profits increased from N3.34 million in the third quarter of 2019 to an impressive N71.43 million in 2020.
This medium understands that the company has also witnessed improvement in its operations due to an effective mix of revenue optimization and cost minimization strategies by the management and the board of the company.
See the breakdown of the data below:
- LivingTrust Mortgage Bank’s turnover was N191.72 million, compared to N120.20 million in the third quarter of 2020.
- The Mortgage Bank’s profit after tax was N71.43 million, compared to N3.34 million in the third quarter of 2020.
- The increase in profit after tax was largely driven by interest Income from Mortgage Loans and Advances
- To Customers, which increased from N119 million to 170 million.
- The total assets of the company increased from N4.6 billion as of the last day of business in 2019 to N5.3 billion as of 30 September 2020.
Speaking about the profits, the company said: “Living Trust Mortgage Bank Plc achieved this result under a new management, led by Adekunle Adewole as the Managing Director, which came on board in May, this year, and Alhaji Adebayo Jimoh-led board of directors.
“Our recent achievement are fallouts of the strategies introduced by the new management, to ensure that the bank effectively discharges its commitments to its growing customer base.
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