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Financial News

Aug 2015 Financial News

ANSA Merchant Bank profit up 38 per cent

Aug 14, 2015

For the first six months of the year, ANSA Merchant Bank and its subsidiaries achieved consolidated profit before tax of $127.5 million.

“This represents a 38 per cent increase over the comparative six month period of 2014,” chairman Dr Anthony N Sabga said in a statement to shareholders.

He said the bank’s profit before taxes improved by 15 per cent for the half-year as all business lines performed credibly. In addition, ANSA Merchant Bank diversified it exposures to ensure that positive returns were sustained.

Dr Sabga added: “Our general insurance business increased its operating profit by ten per cent due to continued strong underwriting growth and improved investment performance compared to the corresponding six month period of 2014.

“I am also encouraged by the results of our life insurance business which returned an operating profit of $1.4 million for the six month period to June 2015, whereas there was an operating loss for the comparative period last year.

“In Barbados, we have acquired the assets and assumed the liabilities of Brydens Insurance Inc from ANSA McAL (Barbados) Limited and anticipate the completion of the acquisition of Consolidated Finance Co Limited in the second half of 2015.”

Dr Sabga said he was pleased with the bank’s business results year-to-date and cautiously optimistic for the second half of the year.

 

Source:
Trinidad Guardian
Friday August 14, 2015

http://www.guardian.co.tt/business/2015-08-14/ansa-merchant-bank-profit-38-cent