LIVINGTRUST MORTGAGE BANK : QUARTER 4 - FINANCIAL STATEMENT FOR 2022

LIVINGTRUST MORTGAGE BANK PLC

INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE 4TH QUARTER ENDED

31ST DECEMBER 2022

STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON

THE EXTRACT OF THE UNAUDITED RESULTS FOR 4TH QUARTER YEAR ENDED 31ST

DECEMBER, 2022.

The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited and interim financial statements for 4th Quarter Ended 31st December, 2022 which was approved by the Board on 20th January, 2023

Statement of Comprehensive Income			Jan - Dec.			Oct-Dec			Jan - Dec			Oct-Dec
for 4th Quarter ended 31st December,
2022			2022			2022			2021			2021
	NOTES
		UNAUDITED			UNAUDITED			UNAUDITED			UNAUDITED
			N			N			N			N
Gross Earnings			2,539,028,281			801,229,977			1,627,781,000.00			507,335,734
Interest and similar income	1		1,865,168,966			524,845,126			1,130,247,000.00			407,082,450
Interest and similar expense	2
	(487,004,050)			(169,382,861)			(231,816,000.00)			(79,617,813)
Net interest income
		1,378,164,916			355,462,265			898,431,000.00			327,464,636
Fee and commission income	3
	164,911,194			39,905,219			155,479,000.00			31,523,720
Fee and commission expense	4
	-			-						-
Net fee and commission income	5
	164,911,194			39,905,219			155,479,000.00			31,523,720
Other operating income	6
	508,948,121			236,479,632			342,055,000.00			68,729,565
Total operating income
		2,052,024,231			631,847,116			1,395,965,000.00			427,717,921
Impairment loss (charge)/write back	7b
	(96,917,162)			(41,535,078)			53,632,000.00			(10,605,832)
Net operating income
		1,955,107,070			590,312,039			1,449,597,000.00			417,112,089
Personnel expenses	8
	409,807,379			118,360,358			310,469,000.00			80,170,899
Depreciation of property and			72,187,833			20,850,185			50,468,000.00			15,950,823
equipment	17b
Amortisation of intangible assets	18b
	11,722,400			3,637,350			10,163,000.00			2,083,807
Other operating expenses	10
	434,500,691.99			169,376,279			310,287,000.00			165,596,067
Total operating expenses
		928,218,304.95			312,224,172			681,387,000.00			263,801,597
(Loss)/Profit before tax
		1,026,888,765			278,087,867			768,210,000.00			153,310,493
Income tax credit/(expense)
		(117,737,642)			(41,756,163)			(261,248,000.00)
(Loss)/Profit before tax
		909,151,123			236,331,704			506,962,000.00			153,310,493
Other Comprehensive income/loss
		-			-			(9,913,000.00)			-
Total Comprehensive Income
		909,151,123			236,331,704			497,049,000.00			153,310,493
Basic earnings per share (Kobo)			18			5			10.14			3

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

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LivingTrust Mortgage Bank Plc			YEAR ENDED			YEAR ENDED
Statement of Financial Position			31-December-22			31-December-21
Year ended 31st December	NOTES		Unaudited			Audited
			N			N
Cash and balances with CBN	11		141,010,138.64			159,427,000
Due from banks	12		983,040,472.38			2,722,755,000
Loans and advances to			10,412,950,984.14			7,852,074,000
customers	14
Investment securities	15		96,803,349.50			96,803,000
Other assets	16		322,709,167.34			63,274,000
Deferred Tax Assets			-			-
Property and equipment	17a		380,333,326.53			286,565,000
			50,294,740.62
Intangible assets	18a				22,241,000
			12,387,142,179.15			11,203,139,000
Non-current assets held for sale	20		149,317,167.86			183,351,000
Total assets			12,536,459,347.01			11,386,490,000
Liabilities
Due to customers	21		5,449,895,852.49			5,296,312,000
Debt issued and other			2,513,189,336.05			2,222,103,000
borrowed funds	22
Current tax liabilities	23		111,728,896.42			197,636,000
Other liabilities	24		1,475,705,306.75			384,495,000
Deferred tax Liabilities	19		61,787,075.02			61,787,000
Total liabilities			9,612,306,466.73			8,162,333,000
Equity
Ordinary share capital	25		2,500,000,000			2,500,000,000
Share Premium						0
Statutory reserve			213,161,041			213,161,000
Retained earnings			88,160,439			388,164,000
Fair value reserve			(17,230,021)			(17,230,000)
Regulatory risk reserve			140,061,421			140,062,000
Total equity			2,924,152,880			3,224,157,000
Total liabilities and equity			12,536,459,347.01			11,386,490,000

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 4thQuarter Ended 31 December, 2022 as approved on 20th January 2023

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LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CASH FLOWS

FOR THE 4TH QUARTER ENDED 31ST DECEMBER 2022

Cash flows from operating activities

Profit after tax

Adjustment for non-cash items

Impairment charge/(write back) on loans and advances Gain from disposal of Property and Equipment 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

Additions to non-current assets held for sale Disposal of non-current assets held for sale Proceed from disposal of property and equipment

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 31 December 2022 Additional cash flow information

Cash and cash equivalents

Cash on hand

Cash deposit with CBN

Balances with banks within Nigeria

Placements with banks

	Unaudited			Audited
	31-December-22			31-December-21
	909,151,122.63			506,961,000.00
	96,917,161.54			(53,632,000.00)
	(106,212.06)			-
	72,187,833.17			50,468,000.00
	11,722,400.45			10,163,000.00
	117,737,642.30			261,248,000.00
	1,207,609,948.03			775,093,000.00
	(2,560,876,984.14)			(3,720,313,000.00)
	(259,435,167.34)			27,410,000.00
	153,583,852.49			2,677,010,000.00
	1,091,210,306.75			154,356,000.00
	(1,575,517,992.24)			861,536,000.00
	(193,164,078.88)			(25,078,000.00)
	(561,072,123.09)			(111,521,000.00)
	(204,653,866.09)			(77,185,000.00)
	(32,963,754.31)			(250,000.00)
				(18,817,000.00)
	34,033,832.14			103,518,000.00
	15,109,418.63			698,000.00
	(188,474,369.63)			7,963,000.00
	(805,028,468.12)			(10,121,000.00)
	812,975,445.44			1,911,827,000.00
	(69,355,665.30)			(325,723,000.00)
	(300,000,000.00)			(50,000,000.00)
	(361,408,687.98)			1,525,984,000.00
	(1,109,580,180.70)			1,422,426,000.00
	2,233,634,692.05			1,459,756,000.00
	1,124,054,511.35			2,882,182,000.00
	34,154,605.50			69,883,000.00
	106,855,533.14			89,544,000.00
	384,037,889.23			1,558,361,000.00
	599,006,483.48			1,164,394,000.00
	1,124,054,511.35			2,882,182,000.00

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LIVINGTRUST MORTGAGE BANK PLC
STATEMENT OF CHANGES IN EQUITY
AS AT 31ST DECEMBER 2022
		Ordinary												Fair value			Regulatory
		Share			Share			Statutory			Retained					Risk			Total equity
										reserve
		Capital			Premium			Reserves			Earnings					Reserves
At 1 January 2021				-
	2,500,000,000.00					111,768,808.00			107,591,409.00			(7,316,777.00)			65,065,421			2,777,108,861.00
Dividend paid		-			-						(50,000,000)			-			-			(50,000,000)
Transfer (statutory)		-			-			101,392,000.00			-			-			-			101,392,000.00
Transfer to retained earnings		-			-						330,573,000.00			-			-			330,573,000.00
Revaluation reserve		-			-			-			-			(9,913,000.00)			-			(9,913,000.00)
Transfer (risk reserve)								-									74,996,000.00			74,996,000.00
		-			-
									-			-
At 31 December, 2021				-
	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 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
Dividend paid											(300,000,000)									(300,000,000)
At 31 December, 2022
	2,500,000,000.00			-			213,160,808.00			88,164,409.00			(17,229,777.00)			140,061,421.00			2,924,156,861.00

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