LIVINGTRUST MORTGAGE BANK : QUARTER 2 FINANCIAL STATEMENT FOR 2024

LIVINGTRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR HALF YEAR ENDED

JUNE 30, 2024

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON THE EXTRACT OF THE UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE, 2024.

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 30 June, 2024 which was approved by the Board on 15 July, 2024.

Statement of Comprehensive Income		Jan - June	April-June	Jan - June	April-June
for the half year ended 30 June, 2024		2024	2024	2023	2023
	NOTES	UNAUDITED	30-June-24	UNAUDITED	30-June-23
		N	N	N	N
Gross Earnings		1,752,235,154.30	890,416,631.57	1,294,321,397.00	660,473,489.00
Interest and similar income	1	1,395,303,350.66	699,800,434.76	1,080,323,894.00	544,980,713.00
Interest and similar expense	2	-585,656,064.59	- 325,585,833.29	-396,726,984.00	- 209,347,362.00
Net interest income		809,647,286.07	374,214,601.47	683,596,910.00	335,633,351.00
Fee and commission income	3	40,272,858.03	15,809,643.82	55,370,471.00	27,153,745.00
Fee and commission expense		-	-	-	-
Net fee and commission income		40,272,858.03	15,809,643.82	55,370,471.00	27,153,745.00
Other operating income	4	284,964,956.95	149,943,165.35	158,627,032.00	88,339,031.00
Treasury Bills-Interest Income		31,693,988.66	24,863,387.64	-
Total operating income		1,166,579,089.71	564,830,798.28	897,594,413.00	451,126,127.00
Impairment loss (charge)/write back	5	-125,000,000.00	- 62,500,000.00	-110,382,000.00	-55,191,000.00
Net operating income		1,041,579,089.71	502,330,798.28	787,212,413.00	395,935,127.00
Personnel expenses	6	-256,840,416.00	- 127,155,503.19	- 275,424,946.49	-136,435,678.18
Depreciation of property and
equipment	7	- 47,120,659.73	- 23,582,932.23	- 41,226,852.00	-20,943,036.00
Amortisation of intangible assets	8	- 9,505,344.40	- 5,082,391.18	-7,937,203.10	-4,114,622.22
Other operating expenses	9	- 304,464,431.64	-153,337,162.05	- 231,008,938.00	-126,830,049.00
Total operating expenses		- 617,930,851.77	- 309,157,988.65	- 555,597,939.59	-288,323,385.40
(Loss)/Profit before tax		423,648,237.94	193,172,809.63	231,614,473.41	107,611,741.60
Income tax credit/(expense)		-	-	-	-
(Loss)/Profit before tax		423,648,237.94	193,172,809.63	231,614,473.41	107,611,741.60
Other Comprehensive income/loss		-	-	-	-
Total Comprehensive Income		423,648,237.94	193,172,809.63	231,614,473.41	107,611,741.60
Basic earnings per share (Kobo)		8.47	3.86	4.63	2.15

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-24	30-June-23
Half Year Ended 30 June 2024	NOTES		Unaudited	Unaudited
			N	N
Cash and balances with CBN	10		234,732,091.00	155,665,371.03
Due from banks	11		4,734,491,064.77	1,206,851,681.24
Other Cash Equivalent	12		500,000,000.00	-
Loans and advances to	13		12,859,782,331.22	11,262,287,260.40
customers
Investment securities	14		98,821,006.52	96,919,685.10
Other assets	15		1,010,301,941.59	836,128,094.34
Deferred Tax Assets			-	-
Property and equipment	16		344,610,859.51	359,513,023.85
Intangible assets	17		90,841,043.13	50,357,162.52
			19,873,580,337.74	13,967,722,278.48
Non-current assets held for sale			108,793,167.86	149,317,167.86
Total assets			19,982,373,506.00	14,117,039,446.00
Liabilities
Due to customers	18		10,966,798,117.82	6,303,084,383.76
Debt issued and other	19		3,123,929,445.70	2,744,303,292.83
borrowed funds
Current tax liabilities			25,864,381.10	17,069,741.57
Other liabilities	20		1,541,597,332.69	1,236,950,245.90
Deferred tax Liabilities			69,684,751.02	69,684,751.02
Total liabilities			15,727,874,028.33	10,371,092,415.08
Equity
Ordinary share capital	21		2,500,000,000.00	2,500,000,000.00
Share Premium
Statutory reserve			491,151,841.05	377,497,041.05
Retained earnings			698,888,999.54	794,764,254.35
Fair value reserve		-	15,212,363.61	-17,113,685.03
Regulatory risk reserve			579,670,999.89	90,799,420.89
Total equity			4,254,499,476.87	3,745,947,031.26
Total liabilities and equity
			19,982,373,506.00	14,117,039,446.00

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

Dr. Olumide Adedeji	Femi Olusola
Managing Director/CEO	Financial Controller
FRC/2020/004/00000020523	FRC/2023/PRO/ICAN/001/267504

The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited financial statements for Half Year Ended 30 June, 2024 as approved on 15 July 2024.

3

LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 JUNE 2024

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

Treasury bill investment

Unaudited	Unaudited
30-June-24	30-June-23
423,648,237.03	254,698,660.90

125,000,000.00		110,382,000.00
47,120,659.73		41,226,851.78
9,505,344.40		7,937,203.19
-		-
605,274,241.16		414,244,715.87
- 68,998,331.22		-1,905,637,307.86
- 363,082,941.59		23,109,444.44
1,823,147,117.82		1,074,977,341.63
348,422,332.69		76,019,559.49
1,739,488,177.70		-731,530,962.30
- 93,094,232.48		-
2,251,668,186.38		-317,286,246.43
29,980,140.49		(8,565,000.00)
-38,761,043.13		-
5,503,832.14		-
-3,277,070.50		(8,565,000.00)
-414,853,237.54		(275,475,459.13)
584,546,000.00		311,925,905.02
-562,086,039.48		(10,561,007.83)
		-
-392,393,277.02		25,889,438.06
1,855,997,838.86		(299,961,808.37)
3,678,896,000.00		1,662,478,860.64
5,534,893,838.86		1,362,517,052.27
53,009,772.89		48,809,837.89
181,722,317.69		106,855,533.14
2,495,161,748.28		680,304,902.49
2,305,000,000.00		526,546,778.75
500,000,000.00		-
5,534,893,838.86		1,362,517,052.27

3

LIVINGTRUST MORTGAGE BANK
PLC STATEMENT OF CHANGES IN
EQUITY
AS AT 30 JUNE 2024
	Ordinary				Fair value	Regulatory	Total equity
	Share Capital	Share	Statutory	Retained	reserve	Risk
		Premium	Reserves	Earnings		Reserves
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

At 1 January 2024	2,500,000,000.00	-	491,151,000.00	698,889,000.00	-15,212,000.00	579,671,000.00	4,254,499,000.00
Dividend paid				-			-
At 30 June, 2024	2,500,000,000.00	-	491,151,000.00	698,889,000.00	-15,212,000.00	579,671,000.00	4,254,499,000.00

Page 4

	LIVINGTRUST MORTGAGE BANK PLC	30-Jun-24	30-Jun-23
	Notes to the Management Accounts
	For the Quarter Ended 30 June 2024	N	N
1	Interest and similar income
	Mortgage Loans to customers	381,959,785.00	356,979,472.51
	Other Loans and advances to customers	1,013,343,566.00	723,344,421.85
		1,395,303,351.00	1,080,323,894.36
2	Interest and similar expense:
	Mortgage Loans to customers	22,987,089.00	15,216,847.87
	Other Loans and advances to customers	562,668,975.00	381,510,136.09
		585,656,064.00	396,726,983.96
3	Fees and commission income
	Credit related fees and commission	26,965,049.00	47,309,106.60
	Commission on turnover	11,957,201.00	6,935,280.18
	Other commissions	1,350,608.00	1,126,084.20
		40,272,858.00	55,370,470.98
4	Other operating income
	Investment Income	20,110,600.00	-
	Placements with Banks	152,335,100.00	36,822,964.17
	Others	112,519,256.00	121,804,068.17
		284,964,956.00	158,627,032.34
5	Impairment losses
	Credit loss expense	125,000,000.00	110,382,000.00
6	Personnel expenses
	Salaries and Wages	137,662,018.00	139,220,923.39
	Other staff costs	79,154,192.00	91,174,587.88
	Pension costs - Defined contribution plan	9,240,984.00	9,719,698.13
	Pension costs - Defined benefit plan	5,819,375.00	12,225,550.00
		231,876,569.00	252,340,759.40
	Directors' expenses
	Direct Directors cost	23,717,500.00	13,390,000.02
	Other directors cost	1,246,347.00	9,694,187.07
	Total Personnel expenses	256,840,416.00	275,424,946.49
7	Depreciation Charge
	Motor Vehicle	25,974,350.00	24,656,434.77
	Office Equipments	3,770,870.00	3,254,208.61
	Computer & Equipments	3,223,350.00	3,183,846.78
	Furnitures & Fittings	1,438,141.00	1,410,938.91
	Household assets	1,791,756.00	1,907,123.77
	Plant & Mahinery	6,881,338.00	4,926,496.20
	Land & Buildings	2,568,036.00	1,887,802.74

	Leasehold improvements	1,472,819.00
		47,120,660.00	41,226,851.78
8	Amortisation charge
	Computer Software	4,521,436.00	3,970,752.03
	Other Intangible Assets	4,983,909.00	3,966,451.07
		9,505,345.00	7,937,203.10
9	Other operating expenses
	Advertising and marketing	3,939,780.00	2,792,200.55
	Administrative	80,668,592.00	50,030,101.73
	Professional fees	3,845,737.00	1,979,000.00
	Other expenses	216,010,323.00	153,123,449.08
		304,464,432.00	207,924,751.36
10	Cash and balances with central bank
	Cash on hand	53,009,773.00	48,809,837.89
	Deposits with the Central Bank of Nigeria	181,722,318.00	106,855,533.14
		234,732,091.00	155,665,371.03
11	Due from banks
	Placements with banks and discount houses	2,305,000,000.00	501,626,559.34
	Balances with banks within Nigeria	2,495,161,748.00	680,304,902.49
	Disc Hou/Bank Plcmnts - Interest Receivable	72,762,837.00	24,924,119.74
		4,872,924,585.00	1,206,855,581.57
	Less: Allowance for impairment losses	-138,433,521.00	-3,900.33
		4,734,491,064.00	1,206,851,681.24
12	Other Cash Equivalent
	Investment in treasury bill	500,000,000.00
13	Loans & Advances
	By Product Type
	Loans & Advances - Mortgage	4,019,903,918	3,611,327,044.34
	Loans & Advances - Overdrafts	217,842,136	218,011,212.44
	Loans & Advances - Term Loans	8,544,588,341	7,297,422,834.63
	Loans & Advances- Interest Receivable	241,119,075	203,276,984.73
	Less: Allowance for impairment losses	-163,671,140	-67,750,815.74
		12,859,782,330	11,262,287,260.40
14	Investment Security
	Equities	1,043,234.00	3,764,134.10
	Unquoted investments
	Debt securities	97,777,773.00	93,155,551.00
	Total investment Security	98,821,007.00	96,919,685.10
15	Other assets

	Prepayments	543,534,330.00	249,580,563.57
	stationery stocks	-238,248.00	654,047.00
	Other stocks	2,220,541.00	3,611,247.27
	Account receivables	470,674,811.00	532,564,793.14
	Other debits balances	-5,889,492.00	49,717,443.36
		1,010,301,942.00	836,128,094.34
16	Total Property and Equipment
	Cost	763,115,640	685,911,080.37
	Accumulated Depreciation	-418,504,781	-326,398,056.52
		344,610,859.00	359,513,023.85
17	Total Intangibles
	Cost	220,899,412.00	162,633,162
	Accumulated Depreciation	-130,058,369.00	-112,276,000
		90,841,043.00	50,357,162.52
18	Due to customers
	Analysis by type of account:
	Demand	4,307,278,375.00	3,203,173,724.90
	Savings	1,156,287,393.00	710,197,943.71
	Time deposits	5,503,232,350.00	2,389,712,715.15
		10,966,798,118.00	6,303,084,383.76
19	Debt issued and other borrowed funds
	Other Long Term Loans FMBN	3,123,929,446.00	2,744,303,292.83
		3,123,929,446.00	2,744,303,292.83
20	Other liabilities
	Interest payable	130,795,764.08	44,728,230.37
	UID and Advance payments	203,377,632.42	85,502,013.42
	Accounts payable	692,361.79	460,442.09
	Provision and accrual	7,792,500.00
	Sundry Creditors	703,254,128.02	705,633,191.71
	Other Payables	72,036,709.35	35,858,798.89
	Current Year Profit/ loss to date	423,648,237.03	364,767,569.42
		1,541,597,332.69	1,236,950,245.90
	Issued capital and reserves
	5,000,000,000 ordinary shares of 50K each	2,500,000,000.00	2,500,000,000.00
21	Ordinary shares
	Issued and fully paid:
	5000,000,000 ordinary shares of 50 kobo each	2,500,000,000.00	2,500,000,000.00

The financial statements and accompanying notes have been drawn up in compliance with IAS 34

22. OTHER DISCLOSURES

1. The same accounting policies and methods of computation are followed in the interim financial statements as were used in the last audited financial statements of the bank
2. The Bank prepares interim financial statements for publication and submission to Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) on a quarterly basis.
3. There are no events after the reporting date which could have had a material effect on the interim statements as at 30 June 2024.

23. FREE FLOAT
NAME:	LIVINGTRUST MORTGAGE BANK PLC
BOARD LISTED	GROWTH BOARD
YEAR END	DECEMBER
REPORTING PERIOD	QUARTER 2 ENDED JUNE 30, 2024
SHARE PRICE AT END OF REPORTING PERIOD	N3.24 (2023: N2.75)
	Jun-24		Jun-23
	Unit	Percentage	unit	Percentage
Description
Issued Share Capital	5,000,000,000	100	5,000,000,000	100
Substantial Shareholdings (5% and above)
Cititrust Holdings Plc	2,041,087,747	40.82%	2,069,514,418	41.39%
Osun State Government	901,466,695	18.03%	901,466,695	18.03%
Osun State Local Government Areas	1,090,133,708	21.80%	1,090,133,708	21.80%
Adekunle Adewole	369,506,532	7.39%	369,358,053	7.39%
Total Substantial Holdings	4,402,194,682	88.04%	4,430,472,874	88.61%
Directors Shareholdings
Mr. Yemi Adefisan (Indirect)	2,041,087,747	40.82%	2,069,514,418	41.39%
Dr. Wale Bolorunduro (Indirect)	901,466,695	18.03%	901,466,695	18.03%
Mr. Sola Ogungbile (Indirect)	1,090,133,708	21.80%	1,090,133,708	21.80%
Dr. Olumide Adedeji (direct)	24,695,500	0.49%	24,695,500	0.49%
Mrs. Olaitan Aworonke (direct)	24,858,015	0.49%	24,794,222	0.49%
Mr. Olufemi Adesina (direct)	4,488,850	0.09%	4,488,850	0.09%
Mr. Yemi Adefisan (direct)	2,230,000	0.04%	2,230,000	0.04%
Prof. Charles Ukeje (direct)	72,993	0.001%	-	-
Total Directors Holding	4,089,033,508	81.78%	4,117,323,393	82.34%
Free Float in Units and Percentage	541,459,960	10.83%	513,318,554	10.27%
Free Float in Value	N1,754,330,270.40		N1,411,626,023

LTMB Plc with a free float percentage of 10.83% as at 30 June 2024 is not compliant with The Exchange's free float

requirements for companies listed on the Growth Board.

LTMB Plc with a free float value of N1,754,330,270.40 as at 30 June 2024 is compliant with the Exchange's free float requirements for companies listed on the Growth Board.