TIDMATMA
RNS Number : 5104D
ATLAS Mara Limited
27 April 2017
27 April 2017
Atlas Mara Limited Unaudited First Quarter Results - Three
Months Ended 31 March 2017
Atlas Mara Limited ("Atlas Mara" or the "Company" including its
subsidiaries, the "Group"), the sub-Saharan African financial
services group, today releases unaudited summary first quarter
results for the period ended 31 March 2017.
Key highlights
-- Reported profit after tax for the first quarter of $5.0
million, the largest quarterly operating profit reported by the
Company to date
-- Cost reduction efforts contributed to this result with total
operating expenditure 13.0% lower versus the comparative prior
period
-- Improving business momentum and continuing loan recoveries
also supported earnings during the first quarter of 2017
Commenting on the results, Bob Diamond, Chairman, said:
"I am very pleased with the results we have delivered in the
first quarter including a record quarterly profit for Atlas Mara.
We are substantially ahead of last year, but more importantly we
are very much on track to deliver on the commitments we made to the
market with our 2016 full year results announcement in March. We
remain excited about the future and are positioned to benefit from
the long-term growth in sub-Saharan Africa."
Key financial highlights during the period
-- Reported profit after tax for the three months ended 31 March
2017 was $5.0 million versus the loss after tax of $6.7 million for
the comparable period in 2016. This profit represents the largest
quarterly profit reported by the Company since inception.
-- Total income increased by 12.5% (17.5% on a constant currency
(ccy) basis) year-on-year, driven mostly by an increase of 56.5% in
net interest income (64.9% ccy), following a reduction in cost of
funding with a commensurate increase in margins on loan assets.
-- Expenses declined by 13.0% year-on-year and by 10.6% on a constant currency basis. This is notwithstanding the full cost base of Finance Bank Zambia (FBZ) included in Q1 2017 whereas such cost base was not included in the comparable prior period (the acquisition completed on 30 June 2016). The decline of $7.5 million year-on-year demonstrates the commitment to deliver the targeted net cost savings of $20 million in the current year. The cost to income ratio at 85.6% of this first quarter of 2017 also compares favourably with the last quarter of 2016 92.1%.
-- On an adjusted operating profit basis (excluding one-off
items accounted for in the first quarter of 2017, and with no
M&A transaction expenses incurred), Atlas Mara reported a
profit of $5.2 million for the first three months of 2017 (2016:
$(2.0) million) and an adjusted cost-to-income ratio of 85.4%
(2016: 99.7%).
-- Deposits increased by 7.7% or 10.4% on a ccy basis
year-on-year, reflecting our on-going focus on liability management
to acquire behaviourally longer term, better priced deposits. As
was reported during the 2016 full year results, this has led to the
useful reduction in cost of funds from 7.0% in Q1 2016 to 6.0% in
Q1 2017, resulting in an increase in margins. Tight market-wide
liquidity pressures persisting in most operating markets have
however led to an uptick in cost of funds in the first quarter if
measured against Q4 2016, which was at 5.7%.
-- Loans and advances decreased by 2.6% or 1.0% on a ccy basis
year-on-year, both resulting from subdued local credit demand and
our adjusted risk appetite framework to proactively manage the
businesses through this period of tougher economic conditions,
growing the loan assets selectively in some countries whilst
reducing it in others.
-- The non-performing loan ratio at end March is at 13.1% (Q4
2016: 13.3%), with the reduction driven mainly by the improvement
in the NPL ratio in Zimbabwe following a resolution reached with
the Zimbabwe Asset Management Company (Zamco) regarding $29.5
million of NPL assets held in Zimbabwe. This agreement also boosted
the Q1 profit by ca.$1.7 million as net recovery from this NPL
sale. In other countries, more moderate provisioning methodologies
saw portfolio provisions increasing in Rwanda, Botswana and Zambia,
the latter now with the two banks fully merged and all loan assets
combined onto one balance sheet. The improved ratio for the current
quarter reflects our continued focus to deliver shareholder value
through managing the NPL asset portfolio as a key business focus,
and our objective to reduce the NPL ratio to around 10% by the 2017
year-end.
-- Union Bank of Nigeria Plc ("UBN") contributed associate
income of $3.9 million for the period versus $6.9 million in the
comparable prior period, reflecting Atlas Mara's 31.15%
shareholding on an equity accounted basis. The Q1 2016 results were
translated at an average Naira rate of 198.93 in contrast with an
average rate of 313.69 for the first quarter of 2017. On a constant
currency basis, the associate contribution fell by 11.2% reflecting
broadly stable income levels but increased cost of funding and
slightly higher levels of impairment at UBN year-on-year.
-- Reported equity at period end was $547.7 million, an increase
of $21.6 million from 31 December 2016, reflecting the profit for
the first quarter, the impact of the additional $ 13.5 million
capital raised during February 2017 and the $1.5 million of foreign
exchange translation gains accounted for during the quarter end.
Book value per share is at $6.89 at 31 March 2017 (compared to
$7.29 at 31 December 2016), calculated by including the additional
shares in issue post the February equity raise. Tangible book value
per share is at $5.31 at 31 March 2017 ($5.27 at 31 December
2016).
Key operational highlights during the period
-- The build-out of our onshore treasury and markets business
continues to make good progress with an uplift in markets revenues
to $10.8 million from $8.1 million a year ago. This 33.3% increase
year-on-year was achieved despite lower market volatility in most
markets especially in Mozambique and Botswana, reflecting the
improved scale of our markets business, with increased client
numbers and business volumes supporting the diversification of our
revenue streams.
-- Atlas Mara has been implementing a cost reduction programme
in its Shared Services & Centre operations with the intention
of delivering net cost savings of more than $20 million per annum
from 2017. As part of this, the group has taken out a management
layer between the Atlas Mara holding company and its directly owned
intermediate bank holding company, ABC Holdings Limited. The South
African office was closed and the building sold during March,
resulting in a net gain on sale of the building of ca.$200k,
included as a one-off profit in the first quarter's earnings.
-- We continue to make strong progress in the development of our
digital initiatives. We commenced our Merchant Acquiring initiative
in Q4 2016, and have continued to see significant growth as we roll
out across our platform. In Q1, the number of terminals deployed
increased by 82% from 384 in Q4 2016 to 700 in Q1 2017. Zimbabwe,
Mozambique and Zambia are live while the remainder of our countries
are expected to go live by end of Q2. The Agency Banking project
has continued to progress with Tanzania expected to go live by end
of Q2 while Rwanda and Mozambique will come onstream in Q3. This
will add an additional 500 service points to our network by end of
2017 where customers can open accounts and transact.
-- Collaboration is a key plank of our Reinvention Initiatives
in digital, and we are pleased to announce new partnerships that
will deepen our activities in this area. Following approval by
Banco de Mozambique, we executed an agreement with Vodacom
Mozambique for the introduction of Mobile Savings and Micro Loans
to over 1 million mPesa Mobile Money customers in Mozambique. We
also executed an agreement with Telecel Zimbabwe for issuance of
Companion Cards to over 500,000 Mobile Money customers across
Zimbabwe.
-- Our business continues to make good progress at the
grassroots level across our countries. In Botswana we were pleased
to win a five year Government prepaid cards service contract. In
Mozambique we rolled out 110 POS terminals and achieved MZN 62
million of transactions. We also achieved a 12% increase in client
FX transactions versus the first quarter of last year. In Rwanda
implementation of our restructuring plans reduced our cost to
income ratio to 77.8% and we launched debit card campaign which
increased client utilisation by 70%. In Tanzania we were delighted
that our new Tegate Branch was opened by Minister of Finance. We
also partnered with fuel retailer to provide agency banking across
their network. In Zambia we rolled out 37 new POS terminals,
recording ZMW 1.9 million revenue and won banking mandates for two
of the top three oil marketing companies and on boarded a client
with a $70 million PTA facility to procure oil for the country. In
Zimbabwe we continued to implement our POS terminal roll out,
resulting in 187 merchants, 463 deployed devices and achieved $5.3
million in transactions. We also concluded the sale of $29.5
million worth of non-performing loans to Zamco resulting in
significant decrease in NPL ratio.
Outlook
We expect to deliver a significant improvement in earnings in
2017 as we execute on our cost savings and revenue growth plans. We
also expect reported and adjusted earnings to continue to converge
as one-off costs fall away. We are targeting reported earnings for
2017 of more than double the level achieved in 2016.
Investor Conference Call
Atlas Mara's senior management will today be holding a market
update for investors at 10am EST / 3pm BST. There will be a
presentation available in the Investor Relations section of the
Company's website, http://atlasmara.com.
The Company will not be disclosing any new material
information.
Dial-in details are as follows:
- UK: +44 (0)2031394830
- US: +1 866 928 7517
- International: +44 (0)2031394830
Participant PIN: 11268591#
Contact Details
Investors
John-Paul Crutchley, +971 4 275 6025
Kojo Dufu, +1 212 883 4330
Media
Teneo Blue Rubicon, +44 20 7420 3142
Anthony Silverman
About Atlas Mara
Atlas Mara was listed on the London Stock Exchange in December
2013. Atlas Mara's vision is to create sub-Saharan Africa's premier
financial services institution through a combination of its
experience, expertise and access to capital, liquidity and funding.
Its goals are to combine the best of global institutional knowledge
with extensive local insights and to support economic growth and
financial inclusion in the countries in which the Company
operates.
Summary of Results (Unaudited, unless otherwise noted)
Atlas Mara Limited Reported Reported Constant Audited
Results Comparative Currency(1) Year
End
31.03.17 31.03.16 Variance 31.12.16
$'m $'m % $'m
Adjusted operating
profit and reconciliation
to IFRS profit
Total income 58.4 51.9 17.5 241.7
Loan impairment
charge (3.0) (8.5) 61.5 (15.4)
Operating expenses (49.8) (51.7) (10.5) (217.2)
Share of profit
of associates 3.9 6.9 (11.2) 17.9
Adjusted profit
before tax 9.5 (1.4) N/A 27.0
Adjusted profit
attributable to
ordinary shareholders 5.2 (2.0) N/A 20.8
M&A transaction
costs 0.0 (6.0) N/A (8.8)
Reorganisation/Restructuring
costs (0.2) 0.1 N/A (8.9)
Reported profit
before tax 9.3 (7.2) N/A 9.4
Reported profit
attributable to
ordinary shareholders 5.0 (6.7) N/A 8.4
Statement of financial
position
Loans and advances 1 304.0 1 339.4 (1.0) 1 334.8
Total Assets 2 771.4 2 677.8 11.2 2 757.1
Total Equity 547.7 661.7 8.8 526.1
Total Liabilities 2 223.7 2 016.1 12.3 2 231.0
Total Deposits 1 753.8 1 628.8 10.4 1 799.4
Number of Shares 83 092 69 811 76 057
Outstanding 069 774 135
Key Performance
measures
Net interest margin
- earning assets 7.1% 4.9% 6.3%
Credit loss ratio 0.9% 2.5% 1.2%
Adjusted cost
to income ratio 85.4% 99.7% 89.9%
Reported cost
to income ratio 85.6% 110.9% 97.1%
Adjusted return
on equity 3.8% (0.3%) 3.9%
Reported return
on equity 3.7% (4.1%) 1.6%
Adjusted return
on assets 0.8% (0.1%) 0.8%
Reported return
on assets 0.7% (1.0%) 0.3%
Loan to deposit
ratio 74.4% 82.2% 74.2%
Book value per
share ($) 6.89 9.03 7.29
------------------------------- --------- ------------- ------------- ---------
(1) Constant currency variances reflect the operational variance
(either positive or (negative)) period-on-period excluding the
impact
of foreign currency translation, due to the U.S. Dollar
strengthening/weakening against relevant African currencies. By way
of example: Total Income for Q1 2017 would have reflected positive
growth of 17.5% compared to the prior period had it not been for
the impact of foreign exchange translation.
Atlas Mara Limited
Consolidated summary statement of financial position
FY USD million Q1 2017 Q1 2016 CC Var
2016 %
406.3 Cash and short term funds 422.4 345.0 25.8
115.6 Financial assets held for trading 180.6 143.5 26.1
1 334.8 Loans & advances to customers 1 304.0 1 339.4 (1.0)
237.2 Investments 187.2 110.9 72.0
294.0 Investment in associates 295.8 422.1 9.1
168.3 Intangible assets 155.3 153.5 5.6
200.9 Other assets 226.1 163.4 37.0
------- --------------------------------- ------- ------- ------
2 757.1 Total assets 2 771.4 2 677.8 11.2
------- --------------------------------- ------- ------- ------
1 799.4 Customer deposits 1 753.8 1 628.8 10.4
322.6 Borrowed funds 367.3 298.3 25.4
109.0 Other liabilities 102.6 89.0 (2.8)
526.1 Capital and reserves 547.7 661.7 8.8
------- -------
2 757.1 Total equity and liabilities 2 771.4 2 677.8 11.2
------- --------------------------------- ------- ------- ------
74.2% Loan: Deposit ratio 74.4% 82.2%
------- --------------------------------- ------- ------- ------
Basis of Presentation
Overview
The term "Atlas Mara", "the Company" or "Group" refers to Atlas
Mara Limited and its subsidiaries and associates. This release
covers the unaudited consolidated results for the Group for the
three months ended 31 March 2017.
Unless otherwise stated, the financial information for the
three-month period ended 31 March 2017 is set out in this release
on a basis consistent with International Financial Reporting
Standards, as adopted by the EU (IFRS) and consistent with the
group accounting policies as disclosed in the 2016 annual
report.
Unaudited results for the three months ended 31 March 2017
Review of statement of comprehensive income
Net interest income
Q1 2017: $37.1 million
Q1 2016: $23.7 million
Net interest income grew by 64.9% on a constant currency basis.
This increase is largely driven by growth in Mozambique where NII
grew by 81.2% driven by higher yields on interest earning assets
due to increase in interest rates in the market, and Zambia, due to
consolidation of FBZ.
Net interest margin on earning assets was approximately 7.1% for
Q1 2017, an increase from 4.9% for the comparative period on the
same basis.
Despite the growth in income, cost of funds for Q1 2017
increased by 0.3% to 6% from Q4 2016 as liquidity constraints in
Mozambique, Rwanda and Zambia resulted in increased borrowing in
the interbank market, with higher cost of funds as a result. The
continued focus on liability growth, in particular campaigns to
increase the retail deposit base, will over time ensure sustainable
improved margins across the group.
Non-interest income
Q1 2017: $21.3 million
Q1 2016: $28.2 million
Non-interest income declined by 21.7% on a constant currency
basis despite the acquisition of FBZ, mainly due to a decline in
trade finance revenue in Botswana and Mozambique, and a decline in
fees and commissions in most countries due to lower business
volumes.
There was a notable uplift in markets trading revenues to $10.8
million from $8.1 million a year ago, reflecting the build out of
our onshore treasury capability and diversification of revenue
streams.
Operating expenses
Q1 2017: $50.0 million
Q1 2016: $57.5 million
Expenses decreased by 13% year-on-year or by 10.6% on a constant
currency basis. Notwithstanding the currency impact and inclusion
of FBZ costs declined by $7.5 million. The overall cost reduction
can be attributed to the significant reduction in SS&C staff
costs of $4.5 million following the completion of the restructuring
of the centre. Included in the above amount of $50 million is $0.2
million representing the net impact of restructuring and
reorganization associated with the right-sizing of the
SS&C.
Total M&A transaction expenses also decreased. This decline
is consistent with previously communicated expectations that these
expenses will decrease over time.
Income from associates
Q1 2017: $3.9 million
Q1 2016: $6.9 million
Income from associates of $3.9 million (2016: $6.9 million)
represents an estimated contribution of the equity-accounted
earnings of Atlas Mara's 31.15% stake in UBN for the period ended,
based on an average 2017 exchange rate. The lower contribution
partly reflects the impact of the devaluation of the Naira
year-on-year. UBN's Q1 results will be published on 27 April
2017.
Loan impairment charge
Q1 2017: $3.0 million
Q1 2016: $8.5 million
The first quarter 2017 loan impairment charge of $3.0 million
was largely driven by recoveries in Zimbabwe as a result of ZAMCO
buying $29.5 million of loans, which had a $2.3 million positive
impact on the impairment charge.
Review of statement of financial position
Total assets: $2 771.4 million
Customer loans
and advances: $1 304.0 million
Total deposits: $1 753.8 million
Customer loans and advances contributed approximately 47.1% of
the total asset base, with cash, short-term funds and marketable
securities representing approximately 28.5%, Goodwill and
intangible assets approximately 5.6% and the investment in
associates (of which UBN is the largest) represented 10.7% of the
asset base.
Credit Quality
In management's view, the customer loan book is adequately
provided for, as reflected in the year-to-date 2017 provision
coverage ratio of 51.3% (Q1 2016: 49.5%) which excludes 2014 IFRS
adjustments). NPLs as a percentage of the loan book at 13.1% (Q1
2016: 15.5%) have been steadily improving. The Group remains
focused on recovering as much as possible of the legacy or acquired
non-performing loan book over the next few years, demonstrated by
the positive impact of additional recoveries included in the Q1
2017 results, most notably the additional $2.3 million impact of
recoveries as a result of ZAMCO acquiring an additional $29.5
million of non-performing loans in Zimbabwe
Goodwill and Intangibles
Following the acquisitions made during 2014/15 and 2016 and in
compliance with IFRS 3: Business Combinations, the statement of
financial position reflected a goodwill asset of $79.2 million and
an intangible asset of $76.1 million. Intangible assets are
amortized over a 10-year useful life. In aggregate these assets
represented 5.6% of the Group's asset base at 31 March 2017,
resulting in a tangible book value of $5.31 per share.
Investment in associate: UBN
The investment in UBN is equity accounted for in the statement
of financial position as an investment in associate, with a closing
balance of $293.7 million. The year-to-date results were based on
an estimated first quarter results for UBN. The income from
associate included in the first quarter profit was based on an
estimated share of profit for the quarter based on the average
quarterly USD performance based on UBN's results for 2017, adjusted
for amortization of intangibles held at the Atlas Mara level, at
the average NGN: USD exchange rate for the current 2017 quarter
under review. Atlas Mara holds, directly and indirectly, an
effective 31.15% shareholding in UBN.
Liabilities
Deposits due to customers: $1 753.8 million
Borrowed funds: $367.3 million
Assets are funded mainly through corporate depositors,
government-backed institutions and interbank funding lines (65.8%
of total deposit base). The retail liability base of 34.2% of total
deposits represents an improvement from 30.6% as at FY 2016 and is
indicative of efforts to diversify the funding mix to support
healthier margins in the longer term.
Deposits increased by 10.4% ccy on March 2016 levels boosted
mainly by the acquisition of FBZ in Zambia. Growth in Rwanda and
Tanzania were also positive, where deposit raising campaigns
undertaken in the latter part of 2016 in the countries yielded
positive results.
The renewed focus on attracting retail deposits has been coupled
with an emphasis on accessing better priced Development Finance
Institution ("DFI") funding through strong partnerships.
Capital and Liquidity
All operating banks are within prescribed local regulatory
requirements for both liquidity ratios and capital adequacy. Atlas
Mara remains vigilant in its focus on optimizing financial
stability and attractive, sustainable returns on equity.
Capital Ratios Q1 2017 FY 2016 Regulatory Minimum
------------------- -------- -------- -------------------
Botswana 19.4% 20.2% 15.0%
------------------- -------- -------- -------------------
Mozambique 23.4% 24.0% 8.0%
------------------- -------- -------- -------------------
Rwanda 24.5% 23.0% 15.0%
------------------- -------- -------- -------------------
Tanzania 14.4% 14.2% 12.0%
------------------- -------- -------- -------------------
Zambia (ABC) - 30.6% 10.0%
------------------- -------- -------- -------------------
Zambia (FBZ) - 31.1% 10.0%
------------------- -------- -------- -------------------
Zambia (Merge Co) 12.7% - 10.0%
------------------- -------- -------- -------------------
Zimbabwe 26.1% 20.9% 12.0%
------------------- -------- -------- -------------------
Segmental Information
The segmental results and statement of financial position
information are representative of Atlas Mara's management of its
underlying operations and consistent with the Group's emphasis on
alignment of its operations with sub-Saharan Africa's key trading
blocs. The business is managed on a geographic basis with an
increased focus on underlying business line performance.
Segmental Results
Southern Segment
Southern Africa includes the operations of BancABC in Botswana,
Mozambique, Zambia and Zimbabwe and BancABC's holding company, ABC
Holdings Limited (incorporated in Botswana), Finance Bank Zambia
and various affiliated non-bank group entities. The financial
performance of the Southern region in the first quarter was
supported by asset recoveries emanating from continued management
efforts in Zimbabwe, particularly the increased focus on recoveries
on non-performing loans and collections activities.
East Africa
East Africa consists of Rwanda and Tanzania.
The contribution from these geographies remained modest in the
quarter with tight liquidity conditions and impairments driving our
operations in Tanzania into a small loss-making position. The
contribution from Rwanda also remained muted as it undergoes a
period of restructuring.
West Segment
West Africa represents the investment made in UBN, adjusted for
attributable equity earnings. Our investment in UBN is continuing
to perform in line with expectations. Atlas Mara has reflected its
associate income of $3.9 million in its first quarter 2017 results
(2016: $6.9 million).
UBN management and its Board of Directors continue to monitor
the implications of the economic headwinds, and the growth of risk
assets within a revised credit risk appetite framework. Atlas Mara
is represented through three seats on UBN's Board of Directors. We
remain confident on the long-term growth potential for UBN
irrespective of the near-term challenges in the macroeconomic
environment.
Shared Services & Centre ("SSC")
SSC includes Atlas Mara Limited, the BVI incorporated holding
company, operating through its Dubai management office, and all
other intermediate group holding entities acquired in connection
with acquisitions of ABCH and ADC in August 2014. The legal entity
structure is in the process of being streamlined with the objective
of driving further cost efficiencies.
M&A, ADC, Consol
This includes all merger and acquisition and ADC related items.
Accounting consolidation adjustments are also presented within this
segment.
BANKING OPERATIONS OTHER
--------- ------------------------------- ---------------------
Atlas Mara Limited Reported West East Southern Atlas M&A,
Segmental Mara ADC,
Financial statements Shared Consol
Services
& Centre
--------- --------- --------- --------- ---------- ---------
Statement of 31.03.17 31.03.17 31.03.17 31.03.17 31.03.17 31.03.17
comprehensive
income
$'m $'m $'m $'m $'m $'m
Total income 58.4 - 12.5 46.9 2.1 (3.1)
Loan impairment
charge (3.0) - (1.0) (2.0) - -
Net income from
associates 3.9 3.9 - - - -
Total operating
income 59.3 3.9 11.5 44.9 2.1 (3.1)
Operating expenses (50.0) - (11.3) (37.8) (3.7) 2.8
Profit/(loss)
before taxation 9.3 3.9 0.2 7.1 (1.6) (0.3)
Profit/(loss)
after taxation
and NCI 5.0 3.9 (0.2) 3.8 (1.6) (0.9)
Statement of
financial position
Loans and advances 1 304.0 - 278.7 1 022.1 - 3.2
Total assets 2 771.4 293.7 478.5 1 861.7 700.5 (563.0)
Total liabilities 2 223.7 - 413.5 1 762.6 66.8 (19.2)
Deposits 1 753.8 - 375.9 1 377.9 - -
Net interest
margin - earning
assets 7.1% 8.5% 7.2%
Credit loss ratio 0.9% 0.3% 0.2%
Loan to deposit
ratio 74.4% 74.1% 74.2%
BANKING OPERATIONS OTHER
--------- ------------------------------- ---------------------
Atlas Mara Limited Reported West East Southern Atlas M&A,
Segmental Mara ADC,
Financial statements Shared Consol
Services
& Centre
--------- --------- --------- --------- ---------- ---------
Statement of 31.03.16 31.03.16 31.03.16 31.03.16 31.03.16 31.03.16
comprehensive
income
$'m $'m $'m $'m $'m $'m
Total income 51.9 - 13.0 32.9 3.7 2.3
Loan impairment
charge (8.5) - (0.8) (7.3) - (0.4)
Net income from
associates 6.9 6.9 - - - -
Total operating
income 50.3 6.9 12.2 25.6 3.7 1.9
Operating expenses (57.5) - (12.2) (32.2) (9.4) (3.7)
Profit/(loss)
before taxation (7.2) 6.9 - (6.6) (5.7) (1.8)
Profit/(loss)
after taxation
and NCI (6.7) 6.9 - (6.3) (5.7) (1.6)
Statement of
financial position
Loans and advances 1 339.4 - 290.3 1 050.0 - (0.9)
Total assets 2 677.8 403.9 476.5 1 630.3 725.7 (558.6)
Total liabilities 2 016.1 - 406.5 1 521.0 70.3 18.3
Deposits 1 628.8 - 367.2 1 260.6 - 1.0
Net interest
margin - earning
assets 4.9% - 9.0% 4.8% - -
Credit loss ratio 2.5% - 1.1% 2.8% - -
Loan to deposit
ratio 82.2% - 79.1% 83.3% - -
Forward Looking Statement and Disclaimers
This announcement does not constitute or form part of any offer
or invitation to purchase, otherwise acquire, issue, subscribe for,
sell or otherwise dispose of any securities, nor any solicitation
of any offer to purchase, otherwise acquire, issue, subscribe for,
sell, or otherwise dispose of any securities.
The release, publication or distribution of this announcement in
certain jurisdictions may be restricted by law and therefore
persons in such jurisdictions into which this announcement is
released, published or distributed should inform themselves about
and observe such restrictions.
Certain statements in this announcement are forward-looking
statements which are based on Atlas Mara's expectations, intentions
and projections regarding its future performance, anticipated
events or trends and other matters that are not historical facts,
including expectations regarding the future operating and financial
performance of the Company. These statements are not guarantees of
future performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking statements
and the actual events or consequences may differ materially from
those contained in or expressed by such forward-looking statements.
Forward-looking statements speak only as of the date of such
statements and, except as required by applicable law or regulation,
Atlas Mara expressly disclaims any obligation or undertaking to
update or revise publicly any forward-looking statements, whether
because of new information, future events or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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