May 2017 Financial News

ANSA Merchant profits jump 144%

May 10, 2017

ANSA Merchant Bank has recorded after-tax profits of $68.8 million for the first three months of its financial year ended March 31.

This figure represents a 144 per cent increase year on year when after tax profits stood at $28.1 million for the same period in 2016.

The bank’s earnings per share also jumped from $0.33 in March 2016 to $0.80 in March 2017.

Commenting on the Bank’s performance, deputy chairman Ray Sumairsingh said: “Our banking business delivered increased profit before taxation for this first quarter of 29 per cent over the prior period mainly due to the stable earnings in Trinidad and Tobago, augmented by the results of Consolidated Finance Co. Limited in Barbados, acquired in October 2016.”

Sumairsingh added that the “general insurance company, Tatil, recorded a 15 per cent increase over the prior period due to growth in premiums and lower claims experience. In Tatil Life, premium growth and investment returns resulted in a strong first quarter profit.”

The deputy chairman noted that in spite of challenging times, the Bank continued to “find opportunities”, and that he was confident of progressive results in 2017.

Noting the passing of the Bank’s chairman Dr. Anthony Sabga, Sumairsingh said: “Dr. Sabga had been a Director of the Bank since its inception and it was his vision, commercial acumen and integrity which provided the foundations on which the Bank’s Group has been built. He continued to provide leadership and direction until very recently; without his invaluable personal contribution the Bank could not have developed and grown as it has.”

Source:
Trinidad Guardian
Wednesday May 10, 2017

http://www.guardian.co.tt/business/2017-05-09/ansa-merchant-profits-jump-144