Ansa Merchant Bank's profit before tax rebounded to a healthy $160.8 million for the second quarter up to June 30, 2021 after a low of $46.2 million recorded in the six-month period of 2020.
"This was primarily due to the recovery in our investment portfolios from non-cash mark to market gains," Ansa Merchant's chairman A Norman Sabga said in his statement on the unaudited interim results.
The bank's consolidated revenue increased to an estimated $540 million from $442.9 million in the comparable months, according to the results. Total assets grew by ten per cent from $7.96 billion at December 31, 2020 to $8.78 billion at the end of the second quarter this year.
Its banking operations incurred a profit of $73 million up from $54 million based on "solid earnings" and increased market share.
"Our Barbados operation, CFC, continues to grow its corporate book of business and is delivering much stronger profitability in 2021. Ansa Bank continues to pick up momentum in the market share since its launch as it seeks to become a major player in the commercial banking landscape," said Sabga. "Our mutual funds continue to perform in the top quartile of the market and our wealth management business is well poised for further growth in assets under management with an expanded team of wealth professionals driving this initiative."
Tatil and Tatil Life returned to the black reporting a profit of $111 million compared to a $7 million loss last year.
The insurance firms had an "improved performance driven by the recovery in market valuations of key investment asset classes" earning $146.9 million in investment income compared to a $5.2 million loss in 2020, the chairman reported.
"Notwithstanding this, our core insurance operations in both entities are performing well and we continue to see growth in our businesses," he said.
Sabga felt optimistic about the bank group's performance despite covid19.
"While the covid19 pandemic is expected to impact our businesses and the markets in which we operate the bank group remains in a very strong position from a capital, liquidity, and balance sheet perspective. Our longstanding strategy continues to be to invest in and grow our market-leading businesses prudently to better serve and support our customers, employees and communities."
Shareholders will receive a dividend of 20 cents per share on October 7.