Atlas Mara Limited Reviewed Results - Year Ended 31 December 2017
TORTOLA, BRITISH VIRGIN ISLANDS / ACCESSWIRE / April 24, 2018 / Atlas Mara Limited ("Atlas Mara" or the "Company" including its subsidiaries, the "Group"), the sub-Saharan African financial services group, today releases its consolidated reviewed results for the year ended 31 December 2017. The results represent an extract from the reviewed summarised financial statements.
Principal highlights:
- Reported 2017 net income of $45.4 million (2016: $8.4 million), and EPS of 42 cents (2016: 12 cents). This is the third consecutive year of profitability for the Company
- 2017 reported profit benefitted from the inclusion of a one-off gain of $20.6 million associated with the acquisition of the additional shares in UBN. This gain arose as a result of the fair value of the shares acquired exceeding the purchase consideration paid
- Adjusted net profit is $37.0 million (2016: $20.8 million) and excludes the impact of this gain and other transaction and restructuring related expenses
- Delivered $27 million in Shared Services and Centre cost savings, exceeding the stated guidance of $20 million
- Focused on growth and execution in streamlined business units:- Retail & Commercial Banking led to an improved portfolio, improved credit quality trends with lower NPLs at 11.8% (2016: 13.3%), and improved cost of funds at 5.5% (2016: 6.3%), while achieving higher NII and NIM on a stable loan book. Achieved BVPS growth from $4.44 in Q3 2017 to $4.77 in Q4 2017
- Developed our Digital offering and executed on strategic partnerships
- Continued to enhance Markets and Treasury propositions to customers, which are provided both directly and through our banking subsidiaries
- Executed on Nigeria strategy by increasing stake in Union Bank of Nigeria ("UBN") from approximately 31% in Q3 2017 to 44.5% in Q4 2017 and 48% in Q1 2018
- Closed DFI facilities for asset growth of our operations to support digital banking and financial inclusion initiatives
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http://www.rns-pdf.londonstockexchange.com/rns/9646L_1-2018-4-24.pdf
SOURCE: Atlas Mara Limited
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