LIVINGTRUST MORTGAGE BANK : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

LIVINGTRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR HALF YEAR ENDED

30TH JUNE 2023

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30TH JUNE, 2023.

The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited and interim financial statements for the Half Year Ended 30th June, 2023 which was approved by the Board on 17th July, 2023.

Statement of Comprehensive Income			Jan - June			April-June		Jan - June		April-June
for the half year ended 30th June, 2023
		2023			2023		2022		2022
	NOTES				30-June-23				30-June-22
		UNAUDITED				UNAUDITED
			N			N		N		N
Gross Earnings			1,294,321,398			660,473,489
					1,119,822,619		617,163,059
Interest and similar income	1		1,080,323,894			544,980,713
				849,327,735		440,868,406
Interest and similar expense	2
	(396,726,984)			(209,347,362)
				(182,788,660)		(95,926,214)
Net interest income
		683,596,910			335,633,350
					666,539,075		344,942,192
Fee and commission income	3
	55,370,471			27,153,745
				99,349,209		80,274,270
Fee and commission expense	4
	-			-
				-		-
Net fee and commission income	5
	55,370,471			27,153,745
				99,349,209		80,274,270
Other operating income	6
	158,627,032			88,339,031
				171,145,674		96,020,383
Total operating income
		897,594,414			451,126,126
					937,033,959		521,236,845
Impairment loss (charge)/write back	7b
	(313,092)			(167,709)
				(34,128,970)		(21,061,952)
Net operating income
		897,281,322			450,958,417
					902,904,989		500,174,893
Personnel expenses	8
	(252,340,759)			(136,435,678.18)
				192,992,402		100,809,442
Depreciation of property and
equipment	17b		(41,226,852)			(20,943,036)		31,428,359		16,729,441
Amortisation of intangible assets	18b
	(7,937,203.10)			(4,114,622.22)
				4,476,122		2,685,983
Other operating expenses	10
	(231,008,938)			(126,830,049)
				142,990,594		96,057,012
Total operating expenses
		(532,513,752.73)			(288,323,385.01)		371,887,475.69		216,281,878
(Loss)/Profit before tax
		364,767,569			162,635,032
					531,017,512.98		283,893,015
Income tax credit/(expense)
		0			0
					(41,397,093)		(41,397,093)
(Loss)/Profit before tax
		364,767,569			162,635,032
					489,620,420		242,495,922
Other Comprehensive income/loss
		-			-		-		-
Total Comprehensive Income
		364,767,569			162,635,032
					489,620,420		242,495,922
			7			3		9.79		4.94
Basic earnings per share (Kobo)

The notes on pages 5 to 7 are an integral part of these financial statements.

Page 1

LivingTrust Mortgage Bank Plc			Half Year Ended			Half Year Ended
Statement of Financial Position			30-June-23			30-June-22
Half Year Ended 30th June 2023	NOTES		Unaudited			Unaudited
			N			N
Cash and balances with CBN	11		155,665,371.03			177,332,156.49
Due from banks	12		1,206,851,681.24			2,031,396,546.00
Loans and advances to			11,262,287,260.40			7,860,521,460.00
customers	14
Investment securities	15		96,919,685.10			96,803,350.00
Other assets	16		836,128,094.34			1,079,070,090.00
Deferred Tax Assets			-
Property and equipment	17a		359,513,023.85			332,250,881.38
Intangible assets	18a		50,357,162.52			55,715,808.27
			13,967,722,278.48			11,549,863,487.00
Non-current assets held for sale	20		149,317,167.86			172,426,612.30
Total assets			14,117,039,446.34			11,838,895,340.00
Liabilities
Due to customers	21		6,303,084,383.76			5,228,107,042.00
Debt issued and other			2,744,303,292.83			2,301,443,636.00
borrowed funds	22
Current tax liabilities	23		17,069,741.57			45,868,779.00
Other liabilities	24		1,236,950,245.90			1,160,930,686.00
Deferred tax Liabilities	19		69,684,751.02			61,787,075.00
Total liabilities			10,371,092,415.08			8,798,137,219.00
Equity
Ordinary share capital	25		2,500,000,000.00			2,500,000,000.00
Share Premium						-
Statutory reserve			377,497,041.05			213,161,041.00
Retained earnings			794,764,254.35			88,160,438.97
Fair value reserve			(17,113,685.03)			(17,230,021.00)
Regulatory risk reserve			90,799,420.89			140,061,420.89
Total equity			3,745,947,031.26			2,924,152,880.00
Total liabilities and equity			14,117,039,446.34			11,722,290,099.00

The notes on pages 5 to 7 are an integral part of these financial statements.

Adewole Adekunle	Adesina Yemisi Funmilayo
Managing Director/CEO	Financial Controller
FRC/2020/002/00000022316	FRC/2021/001/00000023640

The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unauditedfinancial statements for Half Year Ended 30 June, 2023 as approved on 17th July 2023.

3

LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30TH JUNE 2023

Cash flows from operating activities

Profit after tax

Adjustment for non-cash items

Impairment charge/(write back) on loans and advances

Depreciation of property and equipment

Amortisation of intangible assets

Income tax expense

Cashflows before changes in working capital

Changes in working capital

Increase/ decrease in loans and advances

Increase / Decrease in other assets

Increase/decrease in due to customers

Increase/(decrease) other liabilities

Tax paid

Net cash from operating activities

Cash flows from investing activities;

Purchase of property and equipment

Purchase of intangible assets

Disposal of non-current assets held for sale

Net cash from/(used) investing activities

Cash flows from financing activities

Repayment of borrowed funds

Additional on-lending facility

Repayment of on-lending facility

Dividend Paid to registrar

Net cash from financing activities

Increase in cash and cash equivalents

Cash and cash equivalents as at 1 January

Cash and cash equivalents as at 30 June 2023

Additional cash flow information

Cash and cash equivalents

Cash on hand

Cash deposit with CBN

Balances with banks within Nigeria

Placements with banks

	Unaudited			Unaudited
	30-June-23			30-June-22
	364,767,569.42			489,620,419.76
	313,091.57			34,128,970.18
	41,226,851.78			31,428,358.53
	7,937,203.10			4,476,121.55
	-			41,397,093.22
	414,244,715.87			111,430,543.48
	(1,905,637,307.86)			(1,504,575,952.54)
	23,109,444.44			(230,076,583.42)
	1,074,977,341.63			(68,204,957.87)
	76,019,559.49			776,435,686.41
	(731,530,962.30)			(1,026,421,807.42)
	-			(193,164,078.88)
	(317,286,246.43)			(1,219,585,886.30)
	(8,565,000.00)			(57,346,001.07)
	-			(30,611,111.11)
	-			10,924,387.70
	(8,565,000.00)			(77,032,724.48)
	(275,475,459.13)			(173,104,012.76)
	311,925,905.02			367,500,000.00
	(10,561,007.83)			(14,285,273.64)
	-			(300,000,000.00)
	25,889,438.06			(119,889,286.40)
	(299,961,808.37)			(1,305,077,353.70)
	1,662,478,860.64
			2,720,174,165.88
	1,362,517,052.27			1,415,096,812.18
	48,809,837.89			70,476,623.35
	106,855,533.14			106,855,533.14
	680,304,902.49			440,405,864.70
	526,546,778.75			797,358,790.99
	1,362,517,052.27			1,415,096,812.18

3

LIVINGTRUST MORTGAGE BANK
PLC STATEMENT OF CHANGES IN
EQUITY
AS AT 30TH JUNE 2023
													Fair value
		Ordinary												Regulatory			Total equity
		Share			Share			Statutory		Retained			reserve		Risk
		Capital			Premium			Reserves		Earnings					Reserves
At 1 January 2022
	2,500,000,000.00						213,160,808.00					(17,229,777.00)					3,224,156,861.00
			-			388,164,409.00			140,061,421.00
Dividend paid		-			-					(300,000,000)								(300,000,000)
At 30 June, 2022				-				88,164,409.00				140,061,421.00
	2,500,000,000.00					213,160,808.00				(17,229,777.00)				2,924,156,861.00

At 1 January 2023		2,500,000,000.00		-		377,496,000.00		794,768,000.00		(17,113,000.00)		90,800,000.00		3,745,950,000.00
Dividend paid								-						-
At 30 June, 2023		2,500,000,000.00		-		377,496,000.00		794,768,000.00		(17,113,000.00)		90,800,000.00		3,745,950,000.00

Page 4