LIVINGTRUST MORTGAGE BANK : QUARTER 3 - FINANCIAL STATEMENT FOR 2023

LIVINGTRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE 3RD QUARTER ENDED

30 SEPTEMBER 2023

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON

THE EXTRACT OF THE UNAUDITED RESULTS FOR 3RD QUARTER YEAR ENDED 30

SEPTEMBER, 2023.

The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited and interim financial statements for 3rd Quarter Ended 30 September, 2023 which was approved by the Board on 27 October, 2023.

Statement of Comprehensive Income			Jan - Sept.			July-Sept			Jan - Sept			July-Sept
for 3rd Quarter ended 30 September,
2023			2023			2023			2022			2022
	NOTES
		UNAUDITED			UNAUDITED			UNAUDITED			UNAUDITED
			N			N			N			N
Gross Earnings
		1,963,725,205.00			669,403,807.00			1,737,798,304.00			617,975,685.00
Interest and similar income	1
	1,635,909,208.00			555,585,314.00			1,340,323,839.00			490,996,104.00
Interest and similar expense	2
	- 600,341,731.00			- 203,614,747.00			- 317,621,189.00			-134,832,529.00
Net interest income
		1,035,567,477.00			351,970,567.00			1,022,702,650.00			356,163,575.00
Fee and commission income	3
	78,569,237.00			23,198,766.00			125,005,975.00			25,656,766.00
Fee and commission expense	4
	-			-			-			-
Net fee and commission income	5
	78,569,237.00			23,198,766.00			125,005,975.00			25,656,766.00
Other operating income	6
	249,246,759.00			90,619,727.00			272,468,489.00			101,322,815.00
Total operating income
		1,363,383,473.00			465,789,060.00			1,420,177,114.00			483,143,156.00
Impairment loss (charge)/write back	7b
	- 221,494.00			91,598.00			- 55,382,084.00			- 21,253,114.00
Net operating income
		1,363,161,979.00			465,880,658.00			1,364,795,030.00			461,890,042.00
Personnel expenses	8				- 112,578,761.00			- 291,447,021.69			- 98,454,619.87
	- 364,919,521.00
Depreciation of property and
equipment	17b		- 62,815,620.00			- 21,588,769.00			-51,337,648.00			-19,909,290.00
												-
Amortisation of intangible assets	18b		-12,182,658.00			- 4,245,455.00			- 8,085,051.00			3,608,929.00
Other operating expenses	10
	- 388,714,090.00			- 157,705,151.26			- 265,124,413.00			- 122,133,819.00
									-
Total operating expenses			- 828,631,889.00			- 296,118,136.26			615,994,133.69			- 244,106,657.87
(Loss)/Profit before tax
		534,530,090.00			169,762,521.74			748,800,896.31			217,783,384.13
									-
Income tax credit/(expense)			- 13,194,821.00			- 13,194,821.00			75,981,479.00			- 34,584,386.00
(Loss)/Profit before tax
		521,335,269.00			156,567,700.74			672,819,417.31			183,198,998.13
Other Comprehensive income/loss
		-			-			-			-
Total Comprehensive Income
		521,335,269.00			156,567,700.74			672,819,417.31			183,198,998.13
Basic earnings per share (Kobo)
		10.43			3.13			13.46			3.66

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

Page 1

LivingTrust Mortgage Bank Plc			9 MONTH ENDED			YEAR ENDED
Statement of Financial Position			30-September-23			31-December-22
9 months ended 30			Unaudited			Audited
September 2023	NOTES
			N			N
Cash and balances with CBN	11		131,614,296			141,492,000
Due from banks	12		3,413,741,399			970,819,000
Loans and advances to			11,365,771,555			10,679,375,000
customers	14
Investment securities	15		96,919,685			96,920,000
Other assets	16		1,230,186,465			447,866,000
Deferred Tax Assets			-			-
Property and equipment	17a		383,259,540			378,368,000
Intangible assets						9,533,000
18a		53,961,707
			16,675,454,647			12,764,372,000
Non-current assets held for sale	20		149,317,168			149,317,000
Total assets			16,824,771,815			12,913,690,000
Liabilities
Due to customers	21		7,785,203,754			5,491,601,000
Debt issued and other			3,327,940,726			2,841,457,000
borrowed funds	22
Current tax liabilities	23		17,069,742			170,150,000
Other liabilities	24		1,940,551,661			594,847,000
Deferred tax Liabilities	19		69,684,751			69,685,000
Total liabilities			13,140,450,634			9,167,739,000
Equity
Ordinary share capital	25		2,500,000,000			2,500,000,000
Share Premium			0
Statutory reserve			377,497,041			377,496,000
Retained earnings			733,138,404			794,768,000
Fair value reserve			(17,113,685)			(17,113,000)
Regulatory risk reserve			90,799,421			90,800,000
Total equity			3,684,321,181			3,745,950,000
Total liabilities and equity			16,824,771,815			12,913,690,000

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

Adewole Adekunle	Adedeji Olumide
Managing Director/CEO	Executive Director
FRC/2020/002/00000022316	FRC/2020/004/00000020523

The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unauditedfinancial statements for the 3rd Quarter Ended 30 September, 2023 as approved on 27th October 2023.

3

LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CASH FLOWS FOR THE 3RD QUARTER ENDED 30 SEPTEMBER 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 Shareholders

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 September 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-September-23		30-September-22
N		N
521,335,269.18		672,819,419.00
221,494.00		55,382,083.92
62,815,620.00		41,559,501.00
12,182,658.00		6,869,340.00
-		75,981,479.17
596,555,041.18		852,611,823.09
(1,592,004,159.53)		(2,342,540,536.43)
100,711,203.94		(1,267,623,669.00)
1,675,207,758.04		813,683,995.71
491,806,933.16		1,064,249,727.88
1,272,276,776.79		(1,732,230,481.84)
(13,194,821.33)		(193,164,078.88)
1,259,081,955.46		(1,072,782,737.63)
(45,080,284.69)		(161,247,263.54)
(7,850,000.00)		(30,611,111.11)
-		20,924,387.70
(52,930,284.69)		(170,933,986.95)
(262,908,398.04)		(567,644,486.83)
63,500,000.00		812,975,445.44
(18,476,186.76)		(53,284,715.73)
(61,625,850.00)		(300,000,000.00)
(279,510,434.80)		(107,953,757.12)
926,641,235.97		(1,351,670,481.70)
2,608,023,895.80		2,882,182,000.00
3,534,665,131.77		1,530,511,518.30
24,758,763.00		92,610,242.50
106,855,533.14		106,855,533.14
2,551,055,303.34		731,740,577.36
851,995,532.29		599,305,165.30
3,534,665,131.77		1,530,511,518.30
3

LIVINGTRUST MORTGAGE BANK
PLC STATEMENT OF CHANGES IN
EQUITY
AS AT 30 SEPTEMBER 2023
															Fair value
		Ordinary															Regulatory			Total equity
		Share			Share				Statutory			Retained			reserve			Risk
		Capital			Premium				Reserves			Earnings						Reserves
At 1 January 2022
											388,163,000.00			-17,230,020.63						3,224,155,400.26
	2,500,000,000.00				-			213,160,808.00							140,061,421.00
Dividend paid												-300,000,000									-300,000,000.00
At 30 September, 2022		2,500,000,000.00				-			213,160,808.00			88,163,000.00			-17,230,020.63			140,061,421.00			2,924,155,441.31
At 1 January 2023
	2,500,000,000.00							377,497,041			794,768,000			-17,113,000					3,745,951,000.00
													90,799,421
Dividend paid
											-61,625,850									-61,625,850.00
At 30 September, 2023
	2,500,000,000.00							377,497,041			733,138,404			-17,113,685			90,799,421			3,684,321,181.00

Page 4

	LIVINGTRUST MORTGAGE BANK PLC		30-September-23			30-September-22
	Notes to the Management Accounts
	For the 3rd Quarter ended 30 September		N			N
	2023
1	Interest and similar income
	Cash Reserve Deposit
		-			-
	Mortgage Loans to customers
		548,087,315			581,588,157
	Other Loans and advances to customers
		1,087,821,893			758,735,682
	Financial investments - available-for-sale
	Financial investments - held-to-maturity
			1,635,909,208			1,340,323,839
2	Interest and similar expense:
	Due to banks
		-			-
	Mortgage Loans to customers
		21,386,444			23,188,011
	Other Loans and advances to customers
		578,955,287			294,433,178
	Debt issued and other borrowed funds
	Others
			600,341,731			317,621,189
3	Fees and commission income
	Fees and commission income
	Credit related fees and commission
		65,953,749			101,496,967
	Commission on turnover
		10,860,130			21,861,679
	Facilities management fees
		-			-
	Other commissions		1,755,358			1,647,329
			78,569,237			125,005,975
4	Fees and commission expenses
	Brokerage fees
	Other fees
5	Net fees and commission income		78,569,237			125,005,975
6	Other operating income
	Investment Income
		7,520,000			7,360,000
	Placements with Banks
		63,003,491			57,477,611
	Gains from sale of financial investments
		-			-
	Non-trading foreign exchange income
		-			-
	Operating lease income
		-			-
	Others
		178,723,268			207,630,879
			249,246,759			272,468,489
7a	Write back from Loan Provisioning					-
7b	Impairment losses
	Credit loss expense
		221,494			55,382,084

8 Personnel expenses

	Salaries and Wages		209,768,233		212,480,625
	Other staff costs		125,390,171		60,816,606
	Pension costs - Defined contribution plan
		14,441,607		14,745,746
	Pension costs - Defined benefit plan
		15,319,510		3,404,046
			364,919,521		291,447,022
9	Directors' expenses
	Direct Directors cost
		21,515,000		23,351,250
	Other directors cost
		17,797,346		177,384
			39,312,346		23,528,634
10	Other operating expenses
	Advertising and marketing
		5,496,303		5,964,082
	Administrative
		81,597,115		68,514,308
	Professional fees
		2,319,000		3,510,000
	Rental charges payable under operating		-		-
	leases
	Others
		273,184,146		239,588,868
			362,596,565		317,577,258
11	Cash and balances with central bank
	Cash on hand
		24,758,763		92,610,243
	Deposits with the Central Bank of Nigeria
		106,855,533		106,855,533
	Less: Allowance for impairment losses
			131,614,296		199,465,776
12	Due from banks
	Placements with banks and discount		851,995,532		575,708,983
	houses
	Balances with banks within Nigeria
		2,535,495,090		731,740,577
	Disc Hou/Bank Plcmnts - Interest		26,254,677		23,600,083
	Receivable
			3,413,745,299		1,331,049,643
	Less: Allowance for impairment losses		(3,900)		(3,900)
			3,413,741,399		1,331,045,743
13	Other Cash Equivalents
	TREASURY BILLS INVESTMENT
				-
	COMMERCIAL PAPERS WITH				-
	COMMERCIAL BANKS
	Treasury Bills/Commercial Papers -
	Interest Receivable
	Less: Allowance for impairment losses				-
					-
14	Loans & Advances
	By Product Type
	Loans & Advances - Mortgage
		4,374,440,830		4,422,088,739
	Loans & Advances - Overdrafts		252,621,206		171,117,913
	Loans & Advances - Term Loans
		6,627,016,729		5,043,530,781
	Loans & Advances- Interest Receivable
		179,352,008		178,918,748
	Less: Allowance for impairment losses
		(67,659,218)		(41,888,787)
			11,365,771,555		9,773,767,395

15	Financial investments
	Available for sale investments
	Quoted investments
	Debt securities - bills				-
		-
	Debt securities - bonds
		-			-
	Equities
		3,764,134			96,803,350
			3,764,134			96,803,350
16	Other assets
	Prepayments
		390,144,013			283,429,670
	stationery stocks
		523,897			965,027
	Other stocks
		3,140,465			4,338,543
	Account receivables
		831,732,835			1,044,187,696
	Fraud suspense
		-			-
	Interbranch balances
		-			-
	Suspense accounts
		-			-
	Other debits balances		4,645,256			(2,023,267)
			1,230,186,465			1,330,897,669
	Less:
	Allowance for impairment on other assets		-			-
			1,230,186,465			1,330,897,669
17a	Property, Plant and Equipment
	Motor Vehicles
	Cost
		209,743,100			193,183,100
	Accumulated Depreciation
		(116,542,856)			(62,538,772)
	Net Book value
		93,200,244			130,644,328
	Office Furniture, Fittings & Equipment
	Cost
		65,982,931			55,627,688
	Accumulated Depreciation
		(47,990,507)			(34,283,749)
	Net Book value
		17,992,424			21,343,940
	Work in Progress
	Cost
		(0)			1,639,850
	Accumulated Depreciation
		-			-
	Net Book value
		(0)			1,639,850
	Computer and Equipment
	Cost
		46,336,836			41,946,356
	Accumulated Depreciation
		(33,738,403)			(30,566,809)
	Net Book value
		12,598,433			11,379,548
	Office Furniture & Fittings
	Cost
		63,679,678			60,636,478
	Accumulated Depreciation
		(43,948,479)			(35,958,432)
	Net Book value
		19,731,198			24,678,047
	Land & Buildings
	Cost
		182,332,360			176,163,703
	Accumulated Depreciation
		(23,588,335)			(20,155,165)
	Net Book value
		158,744,025			156,008,538
	Household Assets
	Cost
		21,239,499			21,098,499

	Accumulated Depreciation		(7,864,059)			(3,959,802)
	Net Book value
		13,375,440			17,138,698
	Plant & Machinery
	Cost
		112,526,564			105,795,419
	Accumulated Depreciation
		(74,314,186)			(67,976,483)
	Net Book value
		38,212,378			37,818,936
	Total Property and Equipment
	Cost
		731,246,365			656,091,094
	Accumulated Depreciation
		(347,986,825)			(255,439,210)
	Property and equipment
		383,259,540			400,651,884
17b	Current Depreciation Charge
	Motor Vehicle
		37,674,651			27,628,993
	Office Equipment
		4,892,806			3,723,987
	Computer & Equipment
		4,777,414			5,088,902
	Furniture & Fittings
		2,117,152			1,937,865
	HOUSEHOLD ASSETS
		2,853,099			1,501,278
	Plant & Machinery
		7,697,288			8,843,678
	Land & Buildings
		2,803,211			2,612,946
			62,815,620			51,337,648
18a	Intangible assets
	Computer Software
	Cost
		105,631,070			97,781,070
	Accumulated Amortisation
		(83,507,868)			(73,912,783)
	Net Book value
		22,123,203			23,868,287
	Other Intangible Assets
	Cost
		64,852,092			53,738,199
	Accumulated Amortisation
		(33,013,587)			(25,499,607)
	Net Book value
		31,838,505			28,238,592
	Total Intangibles
	Cost
		170,483,162			151,519,269
	Accumulated Depreciation
		(116,521,455)			(99,412,390)
	Property and equipment
		53,961,707			52,106,879
18b	Amortisation charge for the year
	Computer Software
		6,086,961			5,666,795
	Other Intangible Assets
		6,095,697			2,418,255
			12,182,658			8,085,051
19	Deferred tax
	Deferred tax liabilities
		69,684,751			61,787,075
	Deferred tax assets
		-			-
			69,684,751			61,787,075
20	NON CURENT ASSETS HELD FOR SALE
	149,317,168			162,426,612
21	Due to customers
	Analysis by type of account:
	Demand
		3,794,959,479			3,464,275,667
	Savings
		1,215,593,980			377,497,899

	Time deposits		2,774,650,295			2,268,222,430
	Special product
		-			-
	Domiciliary		-			-
	Due to other banks
		-			-
			7,785,203,754			6,109,995,996
22	Debt issued and other borrowed funds
	Other Long Term Loans FMBN
		3,327,940,726			2,722,031,463
			3,327,940,726			2,722,031,463
23	Current tax liabilities
	Current tax payable
		17,069,742			80,453,165
24	Other liabilities
	Interest payable
		50,123,909			51,985,498
	UID and Advance payments
		95,002,997			62,261,154
	Accounts payable		1,809,178			363,666
	Deferred fees
		-			-
	Provision and accrual
		-			-
	Sundry Creditors
		1,230,601,424			590,285,514
	Other Payables
		41,678,884			71,029,477
	Current Year Profit/ loss to date
		521,335,269			672,819,419
			1,940,551,661			1,448,744,728
25	Issued capital and reserves
	5,000,000,000 ordinary shares of 50 kobo
	each		2,500,000,000			2,500,000,000
26	Ordinary shares
	Issued and fully paid:
	5,000,000,000 ordinary shares of 50 kobo
	each		2,500,000,000			2,500,000,000