Financial services group Atlas Mara Limited, registered in the British Virgin Islands, published unaudited fiscal results for the six months period ended 30 June 2015. During the period, company’s profit after tax was US$4.1mln, as compared to a US$3.2mln loss for the first half of 2014. Net interest income was 8.5 per cent higher than in the same period of 2014; also, the company reported 8.6 per cent growth in non-interest income, due to improved currency trading conditions, as well as growth in fee and commissions income.
Union Bank of Nigeria Plc contributed US$10.5mln of attributable net income to BVI group’s results, which is 6.2 per cent higher that in the previous year. Reported loans and advances were US$1.17bln – 8.9 per cent increase from December 2014. Reported deposits were US$1.46bln – 10.8 per cent increase from December 2014. Also, Atlas Mara reported US$639.4mln equity in the first half of 2014, which is US$43mln less than in December 2014. Implied book value per share at 30 June 2015 was $9.13.
During the period, the BVI group continued its focusing on centralizing processes, with the purpose to reduce back office resources and costs and improve front office focus. Also, Atlas Mara has been implementing a comprehensive program to strengthen end-to-end credit process of its subsidiaries. The company continues negotiations to complete the acquisition of a stake in Banque Populaire du Rwanda, and evaluates further acquisitions to expand and/or deepen the company’s presence.