Atlas Mara Limited has published unaudited financial results for the Third Quarter, as well as for nine months ended 30 September 2015. The BVI-registered financial services group working in sub-Saharan Africa announced that its profit after tax for the nine months period was US$7.1mln, compared to a Pro Forma loss of US$38.7mln in the same period of 2014. Company’s net interest income growth was 19.1 per cent and non-interest revenue growth was 22.0 per cent.
On an adjusted operating profit basis, Atlas Mara had a profit of US$23.7mln and a cost to income ratio of 79.9 per cent. Union Bank of Nigeria Plc contributed income from associates of US$15.1mln, which is a year-over-year increase of 18.3 per cent. Loans and advances grew by 14.4 per cent; for the nine month period, asset recoveries made US$17.5mln.
Atlas Mara Limited reported equity of US$605.9mln at the end of the period, which is a US$76.5mln decrease from 31 December 2014, primarily due to foreign exchange losses caused by the strengthening of the USD.
On 1 October 2015, the BVI company completed a US$63.4mln placement of senior secured convertible notes due 2020. They were issued at an issue price of 82.7% of their principal amount, their maturity date is 31 December 2020, and they are convertible into the ordinary shares of Atlas Mara at a price of US$11.00 per share.