*Records ₦11.19m impairment loss
WorldStage– LivingTrust Mortgage Bank Plc, a firm listed on the Growth Board of the Nigerian Exchange has reported a profit after tax of ₦110.36 million for the half year ended 30 June 2026, a sharp decline of about 80% from the ₦562.53 million recorded in the corresponding period of 2025.
According to the unaudited financial statements approved by the Board on 24 July 2026 and filed with the Nigerian Exchange, the mortgage lender’s impairment loss (charge) for the half year ended 30 June 2026: ₦11,186,875.89 (compared with ₦4,528,660 in the same period of 2025) while gross earnings remained relatively stable at ₦3.01 billion, compared with ₦3.02 billion in the previous year.
However, the bank’s net interest income swung into a loss of ₦346.24 million, against a profit of ₦463.62 million in H1 2025. This was driven by a significant rise in interest expenses to ₦1.88 billion from ₦1.58 billion, while interest income fell to ₦1.54 billion from ₦2.05 billion.
The impact was partially cushioned by a strong surge in other operating income, which more than doubled to ₦1.33 billion from ₦543 million, largely supported by higher income from placements with banks. Fee and commission income, however, declined to ₦43.33 million from ₦86.88 million.
Operating expenses rose, with personnel costs increasing to ₦467.23 million from ₦334.57 million and depreciation more than doubling to ₦91.85 million.
The bank also recorded a higher impairment charge of ₦11.19 million, up from ₦4.53 million in the prior period. No fines or regulatory penalties were reported.
Profit before tax stood at ₦133.33 million (down from ₦562.53 million), while basic earnings per share dropped to 2.21 kobo from 11.25 kobo.
On the balance sheet, total assets grew 15% to ₦36.93 billion as at 30 June 2026, from ₦32.21 billion at the end of 2025.
Customer deposits (due to customers) increased to ₦28.20 billion from ₦22.74 billion, while loans and advances edged up to ₦17.34 billion.
Shareholders’ funds rose slightly to ₦5.38 billion.Cash and cash equivalents strengthened considerably to ₦17.00 billion, supported by strong operating cash inflows of approximately ₦6.33 billion during the period.
The results reflect a challenging interest rate environment for the mortgage bank, with higher funding costs outweighing loan yields, although growth in non-interest income and the balance sheet provided some resilience.
LivingTrust Mortgage Bank Plc is a Nigerian primary mortgage institution (PMI) regulated by the Other Financial Institutions Department of the Central Bank of Nigeria (CBN). It specializes in mortgage financing, real estate construction finance, and related banking services, with a focus on residential mortgages, financial inclusion, and support for medium-to-bottom-of-the-pyramid customers and MSMEs.
The major owners of LivingTrust Mortgage Bank Plc as at 30 June 2026, based on the bank’s unaudited half-year financial statements filed with the Nigerian Exchange include
Cititrust Holdings Plc 40.82%; Osun State Local Government Areas 21.80%; Osun State Government 18.03%; and Adekunle Adewole 7.39%.
