Atlas Mara posts $63 million loss, considers additional acquisitions

Atlas Mara posts $63 million loss, considers additional acquisitions

HARARE, March 25 (The Source) – London listed financial services group Atlas Mara has reported a $63,1million loss for the 13 months to December.

Atlas Mara, which took over pan African banking group ABC Holdings last year, said it would have made a net profit of $7,2 million if its acquisitions which also included ADC and 30.2 percent stake in Nigeria’s Union Bank, had been concluded at the beginning of the 2014 financial year.

Atlas Mara has operations in seven sub-Saharan African countries including Mozambique, Nigeria, Rwanda, Tanzania and Zambia.

Through ABC’s BanABC brand, the group has operations in Botswana, Mozambique, Zambia, Zimbabwe and Tanzania. It also operates in Nigeria and Rwanda.

Atlas Mara chief executive John Vitalo says the group’s portfolio was from steady and that they are considering making several acquisitions to bolster its position.

“We are excited about realizing the growth opportunities existing in the sub-Saharan African markets in which we are operating and or investing and are focused on delivering improved financial performance across the group.”

“Although forecasting is challenging in the current environment, we expect to demonstrate marked improvements in organic growth and profitability and will continue to pursue acquisition-related growth where consistent with our strategic objectives,” he said.

Net interest income for the period amounted to $28, 6 million while non-interest revenue was $28,8million.

Net interest income from associates totalled $20,7million while operating expenses amounted to $130 million.