ANSA Merchant Bank reports 43 percent increase in profits

ANSA Merchant Bank Limited (AMB) has reported that its profit before tax (PBT) for the six month period ended June 30, 2017 increased by 43 percent to TT $164 million.

For the same period last year, the bank recorded PBT of $115 million. Earnings per share improved by 41 percent to $1.51 ($1.07: 2016).

Chairman of the bank, A. Norman Sabga, today said "all balance sheet financial metrics are solid with net assets increasing by nine percent to $2.2 billion."

He added that shareholders would recall that in 2016, the bank announced several growth initiatives including the acquisition of Consolidated Finance Company Limited in Barbados (Consolidated Finance); the creation of a Private Wealth Management business; expansion of our residential mortgage book and further building upon our investment capability.

"I am pleased to report that we are progressing well against our targets," Sabga said.

The chairman noted that Consolidated Finance; acquired in October 2016, is now fully integrated into AMB while in the second quarter of 2017, "we launched our Private Wealth Management business, which is expected to be another source of future growth and value creation for our loyal clients."

For the period under review, AMB's subsidiary, TATIL, gained market share in its Motor and Property books over the prior year.

Another subsidiary, TATIL Life, also recorded an improved performance with profit before tax of $61 million ($2.8 million: 2016) and also gained market share in its Mortgage and Life products.

Sabga said the bank group's investment portfolios "continue to deliver superior performance against its objectives of both investment income and capital growth within an active risk management framework."

AMB's board of directors has approved an interim dividend of $0.20 per share ($0.20: 2016), which will be paid on October 6, 2017.

In accordance with Section 110 (1)(a)(i) of the Companies Act 1995, the Directors have fixed September 28, 2017 as the Record Date for payment of this interim dividend. The Register of Members will be closed on September 29, 2017.