Banking group Mercantile Lisbon has seen its headline loss for 2004 widen by 3,8 times over that of 2003, at R213,8-million from R56,5-million a year earlier.
The group’s headline loss per share came in at 11,7 cents, up from 6,6 cents in 2003, and no dividend was declared.
Reporting its final results for the year to the end of December 2004 on Friday, Mercantile Lisbon said its net income (both interest and non-interest) was marginally improved at R178,8-million from R176,7-million a year earlier, with non-interest income rising by R5-million and net interest income falling about the same amount.
However, operating expenditure was R219,8-million, down from R237,5-million the previous year, and an impairment and provisions raised, as well as a write-off on release of certain guarantees totalling R172,7-million, left the bank’s loss before and after tax at R213-million.
The group reported a diluted headline loss per share of 11,7 cents, versus a loss of 6,6 cents in 2003. Excluding the impact of the impairments, the loss would have fallen to 2,2 cents per share, it said. — I-Net Bridge