Atlas Mara Limited announced unaudited financial results for the first quarter ended March 31, 2018. For the period, the company reported total income of $53.7 million against $58.4 million for the same period a year ago. Adjusted profit before tax was $6.8 million against $9.5 million for the same period a year ago. Adjusted profit attributable to ordinary shareholders was $5.5 million against $5.2 million for the same period a year ago. Reported profit before tax was $26.0 million against $9.3 million for the same period a year ago. Reported profit attributable to ordinary shareholders was $24.0 million against $5.0 million for the same period a year ago. Reported return on assets was 11.9% against 3.7% for the same period a year ago. Adjusted return on assets was 2.7% against 3.8% for the same period a year ago. Adjusted return on assets was 0.7% against 0.8% for the same period a year ago. Reported return on assets was 3.1% against 0.7% for the same period a year ago. Book value per share was $4.42 at March 31, 2018 compared to $4.77 at December 31, 2017. Tangible book value per share was $3.54 at March 31, 2018 compared to $3.87 at December 31, 2017. Profits in the quarter benefitted from the inclusion of a one-off gain of $19.2 million related to the acquisition of additional shares in Union Bank of Nigeria ("UBN"). Net interest income was $35.7 million against $37.1 million a year ago. This decrease follows due to slower results from growth initiatives, a delay in the benefits from the macroeconomic turnaround being seen and some liquidity pressures being experienced across certain key markets. This specifically impacted the higher yield retail portfolios across the network.

For the quarter, the company reported loan impairment charge of $1.5 million against $3.0 million a year ago.