Mortgage Bank Executives Buy 70m Shares 

Three top executives of LivingTrust Mortgage Bank Plc have acquired a combined 70 million units of the bank’s shares worth N188,300,000.

This is contained in a notice of share dealing by an insider to the Nigerian Exchange Limited (NGX) obtained by THIS DAY.

The notice signed by the company’s secretary, Timothy Gbadeyan, listed the beneficiaries as the Managing Director, Dr. Adekunle Adewole, and two of the bank’s Executive Directors, Olumide Adedeji and Olaitan Aworonke. 

Adewole bought 30 million units at N2.69 per share, while Adedeji and Aworonke each bought 20 million units at the same price.

The transactions took place on June 16, 2023, according to the notice.

According to its 2022 Audited Financial Result obtained from the NGX website, as of the end of 2022, the bank’s gross earnings had increased to N2.538 billion from N1.627 billion it recorded in 2021. Profit before tax also increased to N1.005 billion from N768.209 million it recorded in 2021.

The bank’s efficiency also grew by 48.81 per cent in less than three years, from 94.99 per cent in 2019 to 46.18 per cent in 2022.

With the acquisition, according to the 2022 financials statement, Adewole now holds 369,064,026 units of the bank’s shares or 7.38 per cent worth N992,782,229.94, while Aworonke and Adedeji hold 24,652,222 units and 24,553,500 units worth N66,314,477.18 and  N66,048,915 respectively.

The bank’s stock has remained among the highest gainers in the market. From 58 kobo in 2020, the bank’s stock rose to N1:04k in 2022. Since then the stock had gained over 200 percent with its price standing at N3:07k as at March 2023.

The bank currently operates at a 47 per cent cost-to-income ratio, making it one of the banking industry’s leaders in converting challenges to opportunities at the least cost and maximum efficiency.