LivingTrust Mortgage Bank announces the resignation of Managing Director, Adekunle Adewole, as he voluntarily steps down ahead of his tenure’s conclusion, effective January 30, 2024.
Adewole, who took on the role in May 2020, oversaw substantial growth during his tenure, with Profit Before Tax escalating from N57 million in 2019 to an impressive N1.02 billion in 2022.
In the wake of Adewole’s departure, Dr. Olumide Adedeji, previously an Executive Director at the bank, assumes the position of Acting Managing Director/Chief Executive Officer.
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Adewole’s leadership garnered accolades for LivingTrust Mortgage Bank, receiving the Development Bank of Nigeria Award in 2022 and 2023 for the ‘Financial Institution with Highest Impact on Start-Ups and MSME accessing Credit for First Time.’
The bank also earned recognition as the ‘Most Improved Mortgage Bank 2022’ and ‘Africa’s Most Reliable Mortgage Bank 2022’ by Africa Fintech Brands.
Despite reporting a 17.96% decline in profit after tax to N745.80 million at the end of December 2023, compared to N909.15 million the previous year, the bank’s gross earnings surged by 14.22% to N2.9 billion. Robust interest and similar income, rising to N2.31 billion from N1.87 billion, fueled this growth.
Fees and commission income saw a modest dip of 7.63% to N152.33 million, while basic earnings per share decreased to N14.92 from N18.18 in 2022.