Atlas Mara said its revenue from Union Bank of Nigeria fell by 25%

Atlas Mara said its revenue from Union Bank of Nigeria fell by 25%

The sub-saharan African banking group, Atlas Mara, said contributed income from Union Bank of Nigeria to the group fell by 26.3% for the third quarter.

On a constant currency basis (USD), the decrease was a 5% decrease to USD11.6 million for the quarter.

UK-based Atlas Mara currently holds 35.1% shareholding in Nigeria’s Union Bank. The bank one of the tier 2 lenders in Nigeria who have been facing a depleting capital base.

Bob Diamond, Chairman of the group said:

“We are pleased to report a profitable third quarter, and year-to-date net profit of $15.8 million compared to $4.3 million in the similar period for 2016.

We continue to focus on execution in 2017 with all three of our business lines making progress. Banking operations remained stable in a very challenging environment; Markets and Treasury continued to grow, and in Fintech we are focused on increasing our distribution channels. We also closed the previously announced strategic financing with Fairfax Africa and existing shareholders, and completed our acquisition of an additional stake in UBN, thereby increasing our total stake in UBN to about 45%.

“We are on track to achieve our 2017 and long-term goals.”