Lagos Building Investment Company Plc (LBIC) has posted a 40% increase in Profit Before Tax (PBT), hitting N1.16 billion in 2024, up from N829 million in 2023 — a performance the company attributes to strategic innovation and value-driven initiatives.
At its recent Annual General Meeting held in Ikeja, the Chairman, Hakeem Ogunniran, praised the company’s resilience in a tough economic climate. He noted significant growth across key financial indicators:
- Gross earnings jumped 58% from N1.61bn to N2.54bn
- Mortgage loans grew 8%, from N737m to N794m
- Customer deposits soared 147% to N11.34bn, up from N4.60bn
- Total assets stood at N17.22bn
- Shareholders’ funds closed at N44.88bn
- Non-Performing Loan ratio: 0.00%
Ogunniran said the strong results reflect LBIC’s strategic agility and its commitment to stakeholder value, sustainability, and prudent risk management.
