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LivingTrust Mortgage Bank posts N192 million in Q3 2020

As seen on Nairametrics. LivingTrust Mortgage Bank has announced its unaudited third-quarter 2020 financial results, which showed an impressive performance, as revenue went from N120 million in Q3 2019 to N192 million Q3 2020.

This information is contained in the LivingTrust Mortgage Bank unaudited third-quarter 2020 financial results.

The company reported an impressive leap in profits in the third quarter of 2020, as profit after tax increased from a meager N3.34 million in the third quarter of 2019 to an impressive N71.43 million in 2020; the company witnessed improvement in its operations, owing to an effective mix of revenue optimization and cost minimization strategies by the management and the board of the company.

What you should know

  • LivingTrust Mortgage Bank’s turnover was N191.72 million, compared to N120.20 million in the third quarter of 2019.
  • The Mortgage Bank’s profit after tax was N71.43 million, compared to N3.34 million in the third quarter of 2019.
  • 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.
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