Business & Economy News

Adekunle Adewole Resigns as MD of LivingTrust Mortgage Bank

LivingTrust Mortgage Bank, a primary mortgage institution in Nigeria, has announced the resignation of Adekunle Adewole as its managing director, effective from January 30, 2024.

This was revealed in a statement on Wednesday.

“This is to notify the Nigerian Exchange Limited (The Exchange) and members of the public, including the shareholders of LivingTrust Mortgage Bank Plc that the managing director of the bank, Adewole, has voluntarily resigned his position, ahead of the expiration of his tenure,” the statement said.

It said Adewole was the managing director of the bank and his resignation was accepted by the board of directors of the company on January 30, 2024.

“Sequel to the resignation of Adekunle Adewole, the board of directors has appointed Olumide Adedeji as acting managing director/CEO of the bank” it added.

Read also: LivingTrust Mortgage Bank rakes N99.4m from fees, commissions on transactions in Q2

The primary mortgage reported an 18 percent decline in its after-tax profit for 2023, according to its latest unaudited financial statement.

The bank’s after-tax profit dropped to N745.80 million from N909.15 million in 2022.

However, operating expenses rose by 23.3 percent to N1.14 billion from N928.22 million. Personnel expenses increased by 26.9 percent to N519.96 million, primarily driven by directors’ costs.

The bank’s financial statement also revealed that its other operating income decreased to N440.73 million in 2023 from N508.9 million in 2022. Fees and commission income dropped to N152.4 million from N164.91 million.

Despite the decline in profit, revenue saw a 14 percent increase to N2.90 billion from N2.54 billion. Basic earnings per share decreased to N14.92 from N18.18.

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