BVI-registered financial services company Atlas Mara Limited announced unaudited fiscal results for the first quarter ended 31 March 2017. For the three months of the year, the company reported profit after tax of US$5.0mln, which is its largest quarterly operating profit since inception. Company’s total operating expenditure was 13.0% lower than in the comparative prior period.
Atlas Mara’s total income increased by 12.5% compared to the previous year, driven by the 56.5% increase in net interest income. Expenses declined by 13% on year-on-year basis, and by 10.6% on a constant currency basis. The cost to income ratio in the first quarter of 2017 was 85.6%. Atlas Mara reported a profit of US$5.2 million for the first three months of 2017, on an adjusted operating profit basis, and an adjusted cost-to-income ratio was 85.4%.
In the first three months of 2017, company’s reported equity was US$547.7 million, an increase of US$21.6 million from 31 December 2016. Book value per share is at US$6.89 at 31 March 2017 (compared to US$7.29 in the previous quarter). Tangible book value per share is at $5.31 at 31 March 2017 ($5.27 at 31 December 2016).
Atlas Mara expects to deliver a significant improvement in earnings in 2017, as the company plans to execute on cost savings and revenue growth plans. It also targets reported earnings for 2017 of more than double the level achieved in 2016.