Atlas Mara Limited issued unaudited financial results for nine months 2015

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.

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