Ansa Merchant Bank income down by $152m

DESPITE a decline in consolidated income by $152 million, Ansa Merchant Bank chairman A Norman Sabga thanked staff and congratulated them on their “admirable” performance, despite challenges posed by covid19.

The bank's consolidated income declined to $205 million in 2020, as compared to 2019's figure of $357 million. In his report, Sabga said the reduction in revenue was a result of unrealised non-cash market valuation declines in the company’s investment portfolios.

Despite the challenge the bank accelerated their investments in all areas, but particularly in information technology.

“We expect to see tangible improvements in customer service in the coming years as a result of the implementation of these initiatives,” Sabga said.

Sabga also pointed out that there would be new opportunities coming out of the acquisition of Bank of Baroda, a process which started in December 2019 and was in 2020 approved by the Central Bank.

“I am quite encouraged by the new opportunities that this acquisition will bring to our financial services group.”

The improved performance led to the recommendation of putting the dividend of their shares at $0.75 per share.

The final dividend would be paid in May.