May 2016 Financial News

ANSA Merchant Bank records $297m profit

May 27, 2016

ANSA Merchant Bank and its subsidiaries had a profit before tax (PBT) of $297.3 million in 2015—the second highest in the bank’s history.

Managing director Gregory Hill said this result represents a 13 per cent increase over the 2014 PBT of $262.2 million. He said all the bank’s profit lines, comprising banking, mutual funds, general insurance and life insurance, all showed growth last year.

Total revenue of $721.1 million was three per cent better than the 2014 total revenue of $703.4 million and the bank’s profit after tax for 2015 was $169.8 million.

According to the bank’s annual report, general insurance subsidiary Tatil had a “remarkable year” in 2015. Profit before taxation for the general insurance business increased by 12 per cent from $85.6 million in 2014 to $95.5 million in 2015 and underwriting profit reached $68.4 million.

The board of directors has approved a final dividend of $0.85 which brings the total dividend to $1.05, a five per cent increase over the 2014 dividend and the highest full year dividend to be paid to shareholders in the bank’s history.

“The bank is well-capitalised and our balance sheet remains strong and well-poised to be resilient against the economic headwinds which are anticipated for 2016 and beyond. In 2015, we have strengthened our balance sheet and taken a more conservative position on our assets to ensure that we are well poised for future growth in the challenging economic times ahead,” Hill said in his report to shareholders.

Source:
Rapheal John-Lall
Trinidad Guardian
Friday May 27, 2016

http://www.guardian.co.tt/business/2016-05-27/ansa-merchant-bank-records-297m-profit