Omoluabi Mortgage Bank grows profit by 2039% to N71.430m in Q3 2020 – WorldStage

WorldStage Newsonline– Omoluabi Mortgage Bank Plc which primarily involved in business of Residential and Commercial Mortgage financing as well as construction finance among other financial has released its unaudited results for the quarter ended 30 September, 2020 with 59.5% jump in turnover to N191.716,403 million in Q3 2020 from N120,195,994 in same quarter in 2019

The result for the nine months showed an improvement in turnover to N423.086 million from N367.340 million in 2019.

The mortgage bank profit after tax in the third quarter jumped by 2039% to N71.430 million from N3.340 million in Q3 2019  while the result for the nine months showed a profit growth to N112.923 million from N65.989 million in 2019.

The bank obtained its licence to operate as a Mortgage Bank on the 24th of February, 1999, commenced operations in March 1999 and became a public limited liability company in November, 2014.

WorldStage had on October 12, 2020 reported the bank’s announcement that it had changed its name  to LivingTrust Mortgage Bank Plc by virtue of the approval and certification by the Central Bank of Nigeria and the Corporate Affairs Commission on August 4, 2020 and October 6, 2020 respectively.