LIVINGTRUST MORTGAGE BANK : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

LIVINGTRUST MORTGAGE BANK PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST

DECEMBER 2021

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE

UNAUDITED RESULTS FOR THE QUARTER ENDED 31 DECEMBER, 2021.

LIVINGTRUST MORTGAGE BANK PLC
			12 Months Ended				3 Months Ended					12 Months				3 Months Ended
Statement of Comprehensive Income
										Ended
for the Twelve Months Ended 31 December, 2021				31-Dec.				31-Dec.					31-Dec.				31-Dec.
			2021				2021					2020				2020
NOTES			Unaudited				Unaudited					Audited				Unaudited
Gross Earnings				N				N					N				N
			1,627,322,344				507,335,734					652,615,797				245,540,729
Interest and similar income	1			1,128,444,495				407,082,450					374,139,409				153,686,603
Interest and similar expense	2
		-231,816,051				-79,617,813					-52,761,823				-18,477,256
		896,628,444	327,464,636			321,377,586				135,209,347

Fee and commission income

Fee and commission expense

Net fee and commission income

Other operating income

Total operating income

Credit loss expense

Net operating income

Personnel expenses

Depreciation of property and equipment Amortization of intangible assets

Other operating expenses

Total operating expenses

Profit before tax

Income tax expense

Profit after Tax

Other Comprehensive Income

3			155,478,936				31,523,720				68,023,904				23,051,866
4
			-				-				-				-
			155,478,936				31,523,720				68,023,904				23,051,866
5
			343,398,903				68,729,565				210,452,485				68,802,260
			1,395,506,283				427,717,921		599,853,973				68,802,260
			-38,334,947				-10,605,832				-39,569,677				-1,376,451
			1,357,171,336				417,112,089				560,284,296				225,687,022
7			280,168,692				80,170,899		187,946,627				59,390,660
15b
	57,510,324			15,950,823		44,427,361				11,639,353
16b
	8,953,147			2,083,807		6,484,365				5,045,672
8			333,929,976				165,596,067				170,002,009				52,621,320
			690,562,139				263,801,597		408,860,362				128,697,006
			676,609,197				153,310,493				151,423,934
												96,990,016
												-
			-102,991,380
					-		-19,064,729
		573,617,818		153,310,493		132,359,205				96,990,016

Total Comprehensive Income	573,617,818			153,310,493		132,359,205		96,990,016
Earnings per share - Basic (Kobo)	11.47			3.00		2.66		2.00

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LIVINGTRUST MORTGAGE BANK PLC
Statement of Financial Position			12 Months Ended							12 Months Ended
As at 31 December 2021	NOTES	31 December							31 December
			2021				2020
			Unaudited							Audited
			N							N
Assets
Cash and balances with Central Bank	10		159,426,856				112,892,165
Due from banks	11		2,770,437,822				1,346,859,860
Loans and advances to customers	12		7,760,011,125				4,078,129,669
Financial Investment Available for Sale	13		106,716,594				106,716,594
Other assets	14		63,273,552				90,683,643
Property and equipment	15						260,430,241
	279,522,792
Intangible assets (Computer Software)	16		23,450,902				32,154,050
Deferred tax assets	18		1,833,004				1,833,004
			11,164,672,646				6,029,699,226
Non current assets held for sale								268,050,761
		183,350,612
Total Assets
		11,348,023,250			6,297,749,987
Liabilities and Equity
Liabilities
Due to customers	19		5,005,202,763		2,619,301,655
Debt issued and other borrowed funds	20		2,222,103,289		646,115,748
Current tax liabilities	21		102,998,949		25,085,704
Other liabilities	22		1,290,609,395	230,138,519
Deferred tax Liabilities	23		_______ ___-				-
			8,620,914,397			3,520,641,126
Total liabilities
Equity
Issued share capital	24		2,500,000,000			2,500,000,000.00
Share premium			-
Statutory reserve			111,768,808			111,768,807.79
Revaluation Reserve			(7,316,777.00)			(7,316,777.00)
Retained earnings			57,591,409			107,591,409.00
Regulatory Risk Reserve			65,065,421			65,065,421
Total equity			2,727,108,861		2,777,108,861
Total liabilities and equity			11,348,023,250		6,297,749,987

Adewole Adekunle	Yemisi Adesina
Managing Director/CEO	Financial Controller
FRC/2020/002/00000022316	FRC/2021/00I/00000023640

The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unauditedfinancial statements for Quarter Ended 31 December, 2021 as approved on 21st January 2022.

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LivingTrust Mortgage Bank Plc

Interim Financial Statements

Statement of Cash Flows

for the 12 Months Ended 31 December, 2021

Profit before tax

Adjustment for non-cash items Impairment on loans and advances Write off of non-currentassets held for sale Loss of disposal of fixed Asset Impairment write back on bank placement Profit on disposal of Asset

Other non-Cash Adjustments

Depreciation of Property, Plant & Equipment Amortisation of intangibles

Income tax expense

Cashflow before changes in working capital

CHANGES IN WORKING CAPITAL Decrease/(Increase) in Loans and Advances Decrease/(Increase) in Balance with CBN

Decrease/(Increase) in Other Assets Decrease/(Increase) in Non-Current Assets (Decrease)/Increase in Deposits (Decrease)/Increase in Other Liabilities Tax Paid

Cash generated from operations

CASHFLOW FROM INVESTING ACTIVITIES

Purchase of Property, Plant and Equipment Purchase of Intangible Assets Disposal/(addition) of investment in Treasury Disposal/(addition) of non-current assets held for sales Disposal of non-current Asset Held for Sale Proceeds from disposal of property and equipments

CASHFLOW FROM FINANCING ACTIVITIES

Dividend Paid

Share Premium

Additional Borrowing

Repayment of borrowed funds

Additional On lending facility

Repayments of On-lending facility

Increase in cash and cash equivalent

Cash and cash equivalent as at beginning of period Cash and cash equivalent as at end of period

Additional cash flow information

Cash and cash equivalent

Cash on hand (Note 10)

Balances with Banks within Nigeria

Placements with Banks

12 Months Ended	12 Months Ended
31 December	31 December
2021	2020
N	N
573,617,818	132,359,205
-	39,611,682
	2,958,774
	2,496,048
	(3,781
-	-
57,510,324	44,427,362
8,953,147	6,484,365
	19,064,729
640,081,289	247,398,383
(3,747,475,182.89)	(2,316,452,871)
(51,363,627.87)	(12,813,100)
(27,410,071.00)	58,566,374
(14,071,411)	-
2,617,224,714	1,410,169,919
2,096,089,658.66	56,976,465
-	(3,126,617)
(1,226,752,926.06)	(559,281,447)
(17,728,758.30)	(89,983,810)
-	(12,719,620)
	599,961,776
	(17,514,288)
68,140,151	41,754,887
-	9,524,774
50,411,392	531,023,719
	-
-	-
(104,500,523)	(67,179,634)
-	187,247,000
-	(24,896,678)
(104,500,523)	95,170,688
(640,760,766)	66,912,960
2,199,559,788.00	1,354,662,457
2,840,320,544.00	1,421,575,417
69,882,722.00	74,711,667
1,655,989,319.00	783,887,918
1,114,448,503.00	562,975,842
2,840,320,544.00	1,421,575,417

LIVINGTRUST MORTGAGE BANK PLC

Statement of Changes in Equity

As at 31 December 2021

				Available	Regulatory
Issued	Share	Statutory	Retained	for Sale	Risk
Capital	Premium	Reserves	Earnings	Reserves	Reserves	Total equity
N	N	N	N	N	N

At 1 January 2020	2,500,000,000	-	85,296,967	65,975,321	(3,201,276)	794,145	2,648,865,157
Transfer to retained earnings	-	-	-	132,359,205	-	-	132,359,205
Transfer (statutory)	-	-	-	-	-	-
Prior year adjustments	-	-	-	-		-
Revaluation reserve	-	-	-	-	(4,115,501)	-	(4,115,501)
Share issue cost	-	-	-	-	-	-
Transfer (risk reserve)	-	-	26,471,841	(90,743,117)	-	64271,276
At 31 December, 2020
2,500,000,000	-	111,768,808	107,591,409	(3,201,276)	794,145	2,777,108,861

At 1 January 2021	2,500,000,000	-	111,768,808	107,591,409	(7,316,777)	65,065,421	2,777,108,861
Payment of Dividend	-	-	-	(50,000,000)	-	-	(50,000,000)
Transfer to Retained Earnings
Transfer (statutory)	-	-	-	-	-	-
Prior year adjustments	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	--
Share issue cost	-	-	-	-	-	-	-
Transfer (risk reserve)	-	-	-	-	-	-	-
At 31 December, 2021
2,500,000,000	-	111,768,808	57,591,409	(7,316,777)	65,065,421	2,727,108.861,

Statutory reserve

The revised guidelines for Primary Mortgage Banks in Nigeria require mortgage banks to make an annual appropriation to a statutory reserve. As stipulated by section 5.4 of the of the revised guidelines, an appropriation of 20% of profit after tax is made if the statutory reserve is less than the paid up share capital and 10% of profit after tax if the statutory reserve is equal to or in excess of the paid up capital.

Regulatory risk reserve

The Central Bank of Nigeria stipulates that provisions for loans recognized in the profit or loss account be determined based on the requirements of IFRS. The IFRS provision should then be compared with provision determined using the Prudential Guidelines and the expected impact/changes treated in the retained earnings (See Statement of Prudential Adjustments).

Available for Sale Reserve

AFS assets are measured at fair value in the balance sheet. Fair value changes on AFS assets are recognised directly in equity, through the statement of changes in equity, except for interest on AFS assets (which is recognised in income on an effective yield basis), impairment losses and (for interest-bearing AFS debt instruments) foreign exchange gains or losses. The cumulative gain or loss that was recognised in equity is recognised in profit or loss when an available-for-sale financial asset is derecognised.

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