LivingTrust Mortgage Bank has declared a final dividend of 6 kobo per share, amounting to N300 million in total dividend payout to shareholders for the fiscal year 2021. This is more than six times the N50 million in dividends paid out in 2020.
The declared dividend is equivalent to 59.2 percent of the bank’s profit after tax. The company declared a net profit of N507 million, a 283 percent increase over the previous year’s profit of N132.4 million.
According to the bank’s audited financial statement for the year 2021, this is the case.
LivingTrust’s gross revenue skyrocketed by 149% from N625.6 million recorded in 2020 to N1.63 billion in 2021.
A breakdown of the report reveals that interest income jumped by 202% from N374.1 million recorded in the previous year to N1.13 billion in the review year.
Meanwhile, the company incurred a sum of N261.2 million as income tax for the year, which is significantly higher than the N19.1 million recorded in the previous year.
In the same vein, its total asset increased by 81% from N6.3 billion recorded as of the end of 2020 to stand at N11.39 billion at the end of December 2021.
The company’s earnings per share stood at 10.1kobo in 2021.
According to the information on the Nigerian Exchange, the dividend is set to be paid on June 6th 2022 subject to appropriate withholding tax. The dividends will be paid to shareholders on the register as of 16th May 2022.
Based on its current share price, LivingTrust Mortgage Bank’s dividend yield stands at 4.84% as of 14th April 2022, as its share price trades at N1.24 per share, increasing by 19% year-to-date.
“Despite the strong global headwinds in the year 2021, coupled with economic vulnerabilities and uncertainties in the local economy, the bank pulled strong in all performance indices, recording double and triple digit growth, with a revised proposal to reward shareholders with N0.05 for every share held, representing a 500 percent increase from the N0.01 dividend paid in 2020.
The 2021 outcome demonstrates our resiliency, smart business strategy, and distinctive offerings, all of which are fueled by a highly motivated team that is always willing to go above and beyond in delivering exceptional value to our clients,” said Adekunle Adewole, MD and CEO of LivingTrust Mortgage Bank.