LIVINGTRUST MORTGAGE BANK : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

LIVINGTRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE 1ST QUARTER ENDED

31ST MARCH 2023

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR 1ST QUARTER ENDED 31ST MARCH , 2023.

The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited and interim financial statements for 1ST Quarter 31st March , 2023 which was approved by the Board on 14th April , 2023

Statement of Comprehensive Income			Jan - March			Jan - March
for 1st Quarter ended 31st March, 2023			2023			2022
	NOTES		UNAUDITED			UNAUDITED
			N			N
Gross Earnings			633,847,909			502,659,559
Interest and similar income	1		535,343,182			408,459,329
Interest and similar expense	2		(187,379,622)			(86,862,446)
Net interest income			347,963,560			321,596,883
Fee and commission income	3		28,216,726			19,074,939
Fee and commission expense	4		-			-
Net fee and commission income	5		28,216,726			19,074,939
Other operating income	6		70,288,002			75,125,291
Total operating income			446,468,288			415,797,114
Impairment loss (charge)/write back	7b		(145,383)			(13,067,018)
Net operating income			446,322,905			402,730,095
Personnel expenses	8		(115,905,081)			(92,182,960)
Depreciation of property and			(20,283,816)			(14,698,917)
equipment	17b
Amortisation of intangible assets	18b		(3,822,581)			(1,790,139)
Other operating expenses	10		(104,178,890)			(46,933,582)
Total operating expenses			(244,190,367.72)			(155,605,597.68)
(Loss)/Profit before tax			202,132,537			247,124,498
Income tax credit/(expense)
(Loss)/Profit before tax			202,132,537			247,124,498
Other Comprehensive income/loss			-			-
Total Comprehensive Income
Basic earnings per share (Kobo)			4.04			5.00

The notes on pages 5 to 10 are an integral part of these financial statements.

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LivingTrust Mortgage Bank Plc			3 Months Ended			3 Months Ended
Statement of Financial Position			31-Mar-23			31-Mar-22
As at 31st March, 2023	NOTES		Unaudited			Unaudited
			N			N
Cash and balances with CBN	11		109,351,522.64			246,103,774
Due from banks	12		2,055,218,739.29			2,031,396,546
Loans and advances to			10,917,382,200.01			7,860,521,460
customers	14
Investment securities	15		96,919,685.10			96,803,350
Other assets	16		1,050,450,396.45			1,079,070,090
Deferred Tax Assets			-			-
Property and equipment	17a		363,896,059.73			336,198,828.55
Intangible assets			54,471,784.74
18a				20,450,679.72
			14,647,690,387.96			11,670,544,727
Non-current assets held for sale	20		149,317,167.86			168,350,612.30
Total assets			14,797,007,555.82			11,838,895,340
Liabilities
Due to customers	21		6,260,905,210.84			5,342,776,657
Debt issued and other			2,861,154,435.03
borrowed funds	22					2,150,290,286
Current tax liabilities	23		170,149,559.42			197,636,000
Other liabilities	24		1,689,166,568.25			862,248,397
Deferred tax Liabilities	19		69,684,751.02			61,787,000
Total liabilities			11,051,060,524.56			8,614,738,340
Equity
Ordinary share capital	25		2,500,000,000.00			2,500,000,000
Share Premium			-			-
Statutory reserve			377,497,041.05			213,161,000
Retained earnings			794,764,254.35			388,164,000
Fair value reserve			(17,113,685.03)			(17,230,000)
Regulatory risk reserve			90,799,420.89			140,062,000
Total equity			3,745,947,031.26			3,224,157,000
Total liabilities and equity			14,797,007,555.82			11,838,895,340

The notes on pages 5 to 10 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 the 1st Quarter Ended 31 March, 2023 as approved on 14th April 2023

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LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31ST MARCH 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 31 March 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
	31-Mar-23			31-Mar-22
	202,132,537.00
			247,124,497.64
	145,382.89			13,067,018.42
	20,283,815.90
			14,698,917.28
	3,822,580.88
			1,790,138.99
	-
			-
	226,384,316.67
			276,680,572.33
	(238,007,200.01)
			(8,447,460.19)
	(602,584,396.45)
			(1,015,796,089.70)
	769,305,210.84
			(25,348,057.04)
	1,094,319,568.25
			477,753,396.72
	1,023,033,182.63
			(571,838,210.21)
	-
			-
	1,249,417,499.30
			(295,157,637.88)
	(6,154,999.60)
			(49,633,828.55)
	(8,761,250.00)
			1,790,320.28
	-
			15,000,000.00
	(14,916,249.60)
			(32,843,508.27)
	(21,177,257.96)
			(13,701,952.83)
	578,239,884.13
			64,755,000.00
	(271,713,463.76)
			(327,733,581.02)
	-
			-
	285,349,162.41
			(276,680,533.85)
	1,519,850,412.11
			(604,681,680.00)
	644,719,849.82
			2,882,182,000.00
	2,164,570,261.93
			2,277,500,320.00
	2,014,300.28
			145,999,718.52
	107,337,222.36			100,104,055.27
	1,352,289,470.85
			516,472,302.66
	702,929,268.44
			1,514,924,243.55
	2,164,570,261.93
			2,277,500,320.00

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LIVINGTRUST MORTGAGE
BANK PLC STATEMENT OF
CHANGES IN EQUITY
AS AT 31 MARCH 2023
										Fair value					Total equity
		Ordinary								reserve		Regulatory
		Share		Share		Statutory		Retained				Risk
		Capital		Premium		Reserves		Earnings				Reserves
At 1 January 2022			-
	2,500,000,000.00			213,160,808.00		388,164,409.00		(17,229,777.00)		140,061,421.00			3,224,156,861.00
Transfer between reserves
					-		-				-			-
		-		-
								-
At 31 March, 2022
	2,500,000,000.00		-		213,160,808.00		388,164,409.00		(17,229,777.00)		140,061,421.00			3,224,156,861.00

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 31 March, 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

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