Lagos Building Investment Company (LBIC) has posted its strongest financial performance in more than ten years, declaring a dividend payout on the back of a 58% rise in gross earnings for the 2024 financial year.
The mortgage lender reported gross earnings of ₦2.54 billion, up from ₦1.61 billion in 2023. Profit before tax rose 40% to ₦1.16 billion, while profit after tax climbed 36%, reflecting improved operational efficiency and cost management.
The board approved a final dividend of 6.12 kobo per share, amounting to ₦237.58 million, marking a significant milestone in the company’s turnaround efforts.
LBIC attributed the strong performance to strategic initiatives, including a core banking system upgrade, e-tax integration, and enhanced digital banking platforms. These measures have strengthened its capacity to expand access to housing finance and reinforce its role as a key player in Nigeria’s mortgage sector.
Established in 1980, LBIC has financed over 20,000 affordable housing units in Lagos State and continues to focus on delivering sustainable and accessible home financing solutions.
