LivingTrust Mortgage Bank Profit Falls 76% in H1 2026 Despite Deposit Growth
LivingTrust Mortgage Bank Plc released its unaudited first‑half 2026 financial statement on July 31, showing a pre‑tax profit of N133.33 million – a 76% drop from N562.53 million in the same period of 2025. Profit after tax fell to N110.36 million, down 80% from N562.53 million a year earlier, while earnings per share slipped to 2.21 kobo from 11.25 kobo.
The decline was driven by a 25% fall in interest income to N1.54 billion and a 19% rise in interest expense to N1.88 billion, turning the bank’s net interest position into a loss of N346.24 million compared with a N463.62 million gain a year ago. Non‑interest income surged to N1.33 billion from N542.98 million, mainly from placements with other banks that jumped to N1.11 billion. Operating expenses rose 13% to N983.45 million, staff costs up 40% to N467.23 million and depreciation more than doubled to N91.85 million.
On the balance sheet, customer deposits grew to N28.20 billion from N22.74 billion, loans and advances rose modestly to N17.34 billion and cash holdings climbed to N17.00 billion. Total assets increased 15% to N36.93 billion. The share price stood at N3.42 on 30‑June, up 10.14% year‑to‑date from N3.45 at the end of 2025.
With profits shrinking but deposits climbing, should you keep your savings with LivingTrust or rethink holding its shares given the mixed signals?