Tag: Livingtrust Mortgage Bank Plc

Osun State owned LivingTrust Mortgage Bank Plc has once again made history this time, by declaring a profit ₦981.2 million, one of the highest in the Bank’s history.

The unprecedented profit was based on the Audited Financial Statement for the year ended December 31, 2024, in an increasingly challenging macroeconomic environment, marked by inflationary pressures, exchange rate volatility, and tighter regulatory oversight, this record profit stands as a testament to strategic resilience.

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The Bank’s board and management team have demonstrated commendable financial stewardship balancing risk, maintaining asset quality and driving profitability with a clear long-term view.

LivingTrust Mortgage Bank Plc grew deposit by 66% signifying the highest volume growth in the Bank’s history to N15.19bn from N9.14bn the previous year while total asset of the Bank increased to N24.04bn, a 35% growth over N17.79bn posted in 2023.

The bank posted a 29.97 per cent increase in gross earnings for the year ended December 31, 2024, amounting to N3.75bn, compared to N2.89bn in the same period of 2023.

A leading primary mortgage institution, Livingtrust Mortgage Bank Plc, has effected a smooth transition on its board.

In a corporate announcement filed by the Company Secretary, Timothy Gbadeyan, on the Nigerian Exchange Limited (The Exchange), the company informed the Exchange and the public that by two letters dated April 8, 2024, the Government of Osun State, a major shareholder in the bank, wrote to withdraw the nomination of the erstwhile chairman, having served in the capacity for eight years and to replace him with a new nominee – Dr. Wale Bolorunduro.

In the letter signed by the Secretary to the State Government, the state thanked Alhaji Adebayo Jimoh for his services, acknowledging that the bank grew in leaps and bounds under his leadership.

The bank said Dr. Bolorunduro is a remarkable and distinguished banker whose achievements in the finance services space stand as a testament to his intellect, acumen and perseverance.

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It further stated that the appointment represents a second coming for the new chairman, as he had previously served as the chairman of the bank’s Board of Directors between 2011 and 2016.

It was under his leadership that the bank initially carried out a successful recapitalisation and listing on the Exchange.

In line with corporate governance principles and due process, Dr. Bolorunduro appeared before the bank’s Board Nomination and Governance Committee on April 17.

The committee found the nominee to be suitable and highly qualified to lead the board.

Based on the recommendation of the committee, the Board of Directors met on April 19 and appointed Dr. Bolorunduro as a Non-Executive Director and Chairman in a convivial atmosphere.

The former chairman, Alhaji Jimoh, thanked the Government of Osun State and congratulated Dr. Bolorunduro on his appointment, with assurances of his unalloyed support for his leadership.

As expected under the extant laws and regulations, the notification of the appointment of Dr. Bolorunduro has since been sent to the Regulator and the relevant announcement has been made on the bourse.

The bank stressed that all internal and external procedures were followed.

Since the appointment of Dr. Bolorunduro, felicitations have continued to pour in from all the stakeholders of the bank, including the majority shareholder.

The appointment of Dr. Bolorunduro as a non-executive Director of the bank is subject to the approval of the Central Bank of Nigeria and the shareholders at the upcoming Annual General Meeting.