Apr 2015 Financial News

$262.2m in earnings for ANSA Merchant Bank

Apr 02, 2015

Modest investment earnings in life insurance due to weak returns from a subdued domestic market has resulted in a 23 per cent reduction in earnings before tax for ANSA Merchant Bank Limited.

The bank, a member of the ANSA McAL Group, parent company of Guardian Media Limited, has reported earning before tax of $262.2 million for the year ended December 31, 2014—less than $338.9 million earned in 2013. However, the financial results released to the T&T Stock Exchange yesterday, showed growth in the bank group’s core banking operations and general insurance business.

In his report to shareholders, chairman Anthony N Sabga said total assets increased by nine per cent year-on-year to $6.6 billion, supported by liabilities of $4.8 billion and equity of $1.9 billion.

Profit attributable to shareholders and noncontrolling interest was $208.1 million compared to $266.4 million for 2013.

“While our 2014 performance was not as impressive as 2-13, which was a landmark performance for the bank group, we are satisfied with the stability and growth evident in our core operations,” Sabga told shareholders.

“Our businesses continue to deliver good shareholder returns and we are poised for sustained future growth.”

Source:
Trinidad Guardian, A22
Thursday April 2, 2015