LivingTrust Mortgage Bank Plc has declared a profit before tax of N1.005 billion in its full-year audited results for 2022, representing a 33 per cent increase from N768.209 million declared in the preceding year.
According to the figures made available at the weekend, the bank’s total income for the year under review was N2.043 billion as against N681.425 million posted in 2021; while its net profit amounted to N831.678 million, an improvement over N506.961 million recorded in 2021.
In the report, the bank’s total operating expenses climbed to N943.789 million as against the figure of 2021 which was: N681.425 million.
Another interesting feature of the result was the significant increase in the bank’s gross earnings in the fourth quarter of 2022 which moved from N1.627 billion in 2021 to N2.538 billion in 2022.
The report shows that the growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.