Bob Diamond’s Atlas Mara to posts $40 million profit for 2017

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Sub-Saharan focused financial services group, Atlas Mara said it is looking at posting a total of $40 million as its net profit for the full year 2017.

The company said in a statement that:

“The Board expects profit after tax for the year to significantly exceed the current market expectations and guidance previously stating that “we are targeting reported earnings for 2017 to be more than double the level achieved in 2016” of $8.4 million. Profit after tax of around $40 million, with projected earnings per share of $0.35.

The cost savings achieved for the year ended 31 December 2017 is expected to be in line with the levels previously communicated to the market.

We will provide a more detailed update on trading in the final results for the year ending 31 December 2017, which are expected to be released on 30 April 2018,” the statement said.

Atlas Mara holds over 30% stake in Nigeria’s Union Plc and other banks across the region.

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