Prime Business AfricaLivingtrust Mortgage Bank, in the first quarter (Q1) of 2025, recorded N1.22 billion in gross earnings, which increased by 42.69 percent, compared to the N861,81 million reported in Q1 2024.
The mortgage bank announced this in its unaudited condensed financial statement for the period ended March 31, 2025, which also revealed Livingtrust recorded N855.66 million interest income during the reviewed period, surpassing the N695.50 million posted in Q1 2024.
Join our WhatsApp ChannelHowever, the 23.02 percent increase in interest income was overshadowed by the 139.84 percent year-on-year growth in the company’s interest expense, as the latter rose from N260.07 million to N623.76 million.
As a result, net interest income fell by 46.74 percent to N231.89 million in Q1 2025, from N435.43 million recorded in the corresponding period of last year.
Fee and commission income also dropped by 23.50 percent to N18.71 million in the first quarter of this year, falling short of the N24.46 million reported in Q1 2024.
Although other operating income increased to N193.91 million during the period under review, above the N135.02 million recorded in the first quarter of last year, reflecting an increase of 43.61 percent.
Also, total operating income grew by 0.71 percent year-on-year, from N601,74 million to N606,04 million, however, after accounting for impairment loss, the mortgage bank recorded N604.72 million net operating income in Q1 2025, compared to the N539.24 million posted in Q1 2024.
While the net operating income increased by 12.14 percent, total operating expenses grew by 20.67 percent year-on-year, from N308.77 million to N372.61 million.
The financial statement also revealed that Livingtrust closed the first quarter of this year with N232.11 million in profit before tax, compared to the N230.47 million recorded in the corresponding period in 2024.
With the company’s bottom line rising by 0.71 percent, Livingtrust did not report any income tax during the reviewed period.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
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