The Lagos Building Investment Company (LBIC) Plc recorded a 43 per cent rise in profit before tax, reaching N1.655 billion for the 2025 financial year. Chairman Hakeem Ogunniran disclosed this at the firm's 21st Annual General Meeting in Lagos on Tuesday. Gross earnings increased by 41 per cent to N3.565 billion, up from N2.537 billion in 2024. The company's mortgage portfolio surged 161 per cent to N2.072 billion, while customer deposits grew 17 per cent to N13.314 billion. Total assets stood at N20.614 billion, with shareholders' funds at N5.431 billion and a capital adequacy ratio of 37 per cent. The board proposed a dividend of 6.8 kobo per share, amounting to N263,979,211.16. Ogunniran noted the company maintained a zero per cent non-performing loan ratio as of December 2025. He attributed the performance to resilience amid macroeconomic challenges and outlined 2026 priorities, including digital expansion, retail lending growth and deposit mobilisation. Managing Director Olusola Faleye said income tax expense rose 62 per cent to N604.7 million in 2025. He confirmed plans to increase issued share capital from N3.88 billion to N4.40 billion through the creation of 517.6 million new ordinary shares. Faleye said the company completed E-Tax integration, is upgrading its core banking system and finalising mobile and internet banking platforms with biometric login and loan tracking. Automated mortgage processing using AI-driven credit scoring is expected to cut approval time by up to 60 per cent. Company Secretary Oladunni Ogunsulire confirmed the share capital adjustment. Lagos Governor Babajide Sanwo-Olu praised LBIC's leadership and urged continued innovation in housing finance.
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