Ahead Tenure Expiration, LivingTrust Mortgage MD Resigns
Mr. Adekunle Adewole has actually resigned as the Managing Director of LivingTrust Mortgage Bank.
His resignation was included in a business notification submitted with the Nigerian Exchange Limited mentioning that he willingly resigned his position, ahead of the expiration of his period.
Adewole ended up being the bank MD in May 2020. Throughout his time in workplace, Adewole monitored the development in the bank’s Profit Before Tax which increased from N57m in 2019 to N1.02 bn in 2022. The declaration even more specified that Adewole’s resignation ended up being efficient January 30, 2024.
Adewole holds a master’s degree in service law, and a Ph.D. in Strategic Management, and is an alumnus of Lagos Business School, INSEAD, and Oxford University, UK.
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Under his management, LivingTrust won the Development Bank of Nigeria Award of the ‘Financial Institution with Highest Impact on Start-Ups and MSME accessing Credit for First Time’ in 2022 and 2023, along with the award of the ‘Most Improved Mortgage Bank 2022’ and ‘Africa’s Most Reliable Mortgage Bank 2022’ by Africa Fintech Brands.
The board of LivingTrust Mortgage Bank has actually selected Dr. Olumide Adedeji as the Acting Managing Director/Chief Executive Officer of the Bank. Up until his consultation, Adedeji was an Executive Director of the Bank.
The revenue after tax of the home loan bank dipped by 17.96 percent to N745.80 m at the end of December 2023 compared to N909.15 m in the previous year.
This was exposed in the unaudited and interim monetary declarations for the duration ending December 2023, submitted with the NGX.
Its gross profits were up 14.22 percent to N2.9 bn in the duration under evaluation, enhanced by interest and comparable earnings, which increased to N2.31 bn from N1.87 bn.
Costs and commission earnings dipped by 7.63 percent to close at N152.33 m, while standard revenues per share was N14.92, lower than N18.18 in 2022.