Aug 2011 Financial News

ANSA Merchant records $74m after-tax profit

Aug 05, 2011

ANSA Merchant Bank Ltd and its subsidiaries produced a consolidated profit after tax of $74 million for the six months ending June 30, 2011, which is a jump of 54 per cent compared with the same period in 2010. This was reported yesterday during the presentation of ANSA Merchant Bank’s financial results for the first half of 2011 at the Tatil building, Maraval Road, St Clair. Bank managing director Chip Sa Gomes stated that the EPS is up by 54 per cent from 57 cents in 2010 to 88 cents, which he referred to as a “large increase.”

“Our total revenues are up by nine per cent. Our expense line is four per cent better than we have this year compared to last year, and that is largely a function of the lower interest cost experienced in the bank of our parent company and the interest environment has continued to be favourable from last year into this year,” he said. According to the chairman’s statement of the unaudited results for first half of 2011, during the first half of 2010, the bank’s earnings were negatively impacted by unrealised currency losses in its euro investment portfolio. “We have since stabilised the impact of euro currency fluctuations via a hedging programme.”

The statement from Anthony N Sabga, chairman of ANSA Merchant Bank, said the results of T&T Insurance Ltd (Tatil), a subsidiary of ANSA Merchant Bank, continue to benefit from a better claims experience, leading to a slight improvement over the performance in 2010. “Tatil’s Life performance continues to be affected by the volatility in our foreign portfolios.” Ray Sumairsingh, sector head, financial services, ANSA McAL Group, said Finance Minister Winston Dookeran has been saying the “second half of the year will be better,” so within this environment, the bank expected a better performance.

The chairman’s statement said: “We continue to position and build our businesses to efficiently execute opportunities in the context of ongoing developments in the local and foreign environment. At half-year, directors approved an interim dividend of 15 cents (2010:10 cents).”


Source:
Raphael John-Lall
Trinidad Guardian
Friday August 5, 2011

http://www.guardian.co.tt/business/2011/08/05/ansa-merchant-records-74m-after-tax-profit