Shareholders of Omoluabi Mortgage Bank Plc, has approved the board of directors request to change the name of the institution to Living Trust Mortgage Bank Plc. This was one of the special businesses at the company 6th Annual General Meeting (AGM) held at Osogbo Osun State.
The change of name is parts of the board efforts toward repositioning the bank for growth and face future challenge in the economy. The bank was incorporated on 9th March 1999 as Osun Building Society Limited in 2002.
The bank was converted to a limited liability company on 25th January, 2013 and subsequently changed its name from Omoluabi Savings And Loans Plc, to Omoluabi Mortgage Bank Plc. The bank obtained its listing on the Nigerian Stock Exchange (NSE), on 11th December 2013, where its shares are being publicly traded.
The principal activities of the bank is the provision of mortgage banking services to individual, group or corporate bodies to enable them finance residential housing, corporate housing and provide a residential shelter for their activities.
A look into the bank audited 2019 financial for the period ended December 31, shows that the bank recorded profit before tax of N57,317,765, compared to N95,930,160, in 2018. Gross earnings improved by 9% from N461 million in 2018 to N502 million.
While total operating expenses increased by 8.3% from N389 million in 2018 to N421 million in 2019, mainly as a result of provisioning for loan loss. Customers deposit increased by 9.09% from N1.11 billion in 2018 to N1.2 billion in 2019.