LBIC Reports 43% Profit Surge, Targets Capital Expansion and Digital Mortgage Growth in Lagos

Lagos Building Investment Company (LBIC) Plc has posted a strong financial performance, recording a 43 per cent increase in profit before tax, which rose to N1.655 billion for the year ended December 31, 2025. The result was announced during the company’s 21st Annual General Meeting held in Lagos, drawing positive reactions from shareholders and industry observers.

According to the Board Chairman, Hakeem Ogunniran, shareholders approved a plan to raise the company’s issued share capital from N3.882 billion to N4.4 billion. The move will be achieved through the creation of 517.606 million new ordinary shares priced at N1.00 each, aimed at strengthening the firm’s financial base.

The company’s performance showed broad-based growth across key indicators. Gross earnings climbed by 41 per cent to N3.565 billion, compared to N2.537 billion in 2024. Its mortgage portfolio also surged significantly by 161 per cent to N2.072 billion, while customer deposits rose 17 per cent to N13.314 billion, reflecting increased customer confidence.

LBIC also maintained a strong balance sheet, with total assets standing at N20.614 billion and shareholders’ funds at N5.431 billion. The firm reported a solid capital adequacy ratio of 37 per cent and, notably, a zero per cent non-performing loan ratio as of December 2025. A dividend of N0.068 per share, totaling N263.979 million, was also proposed for shareholders.

Looking ahead, Managing Director Olusola Faleye said the company will build on its 2025 gains by expanding digital services, mortgage lending, and retail banking operations. He highlighted ongoing upgrades, including e-tax integration, a core banking system overhaul, and the rollout of mobile and internet banking platforms featuring biometric login and real-time loan tracking.

Faleye added that LBIC remains focused on innovation, disciplined risk management, and financial inclusion as it navigates Nigeria’s evolving economic landscape. The company also received commendation from Lagos State Governor Babajide Sanwo-Olu, who praised its role in addressing housing challenges and supporting economic development through housing finance initiatives.

source: Leadership