May 2013 Financial News

Ansa Merchant makes $149m after tax profit

May 23, 2013

Ansa Merchant Bank made an after tax profit $149.6 million last year. For that period, the before tax profit was $189.8 million, Gregory Hill, managing director, announced at the 35th annual meeting of shareholders at the Ansa McAL Board Room, Tatil Building, Maraval Road, Port-of-Spain. Ansa Merchant Bank includes T&T Insurance Limited (Tatil) and Tatil Life Limited and other financial services subsidiaries.

Hill said despite the sluggish local and international climate, the bank managed to do well. “While economic conditions may not be ideal in T&T, regionally or globally, our share of business has been growing and all of our credit lines have grown. We are confident that 2013 will be a very good year for us,” he said.

“Our assets on our portfolio have crossed $1 billion, so while some financial institutions may see contractions based on their size, our share of the business activity has been growing. This means that we are creating products that add value to our customers and they keep coming back to us.” Hill said Ansa Merchant Bank is acquiring Barbados’ Consolidated Finance Company Limited (CFC).

“They are one of the largest players in that market and it is doing very well. Ansa McAL has been in Barbados many years and this is just an extension of our products,” he said. In the ANSA Merchant Bank Annual Report, chairman Dr Anthony Sabga said: “Overall we reflected a less than ideal performance in 2012 largely due to our conservative provisioning stance on our investment and lending assets.

However, we were still able to create value for our customers and shareholders despite the backdrop of a sluggish economic climate. We are satisfied that our performance in 2012 will set the stage for continued sustainability and an upward growth trajectory in 2013 and beyond.” Consolidated Earnings Per Share (EPS) for 2012 was $1.75, 20 per cent less that 2011.

Based on those results the board approved payment of a final dividend of $0.70 per ordinary share, making the total dividend $0.80 in line with thew prior year. The dividend will be paid out tomorrow.


Source:
Raphael John-Lall
Trinidad Guardian
Thursday May 23, 2013

http://www.guardian.co.tt/business/2013-05-23/ansa-merchant-makes-149m-after-tax-profit