Ansa Merchant Bank records $77.5 m in profits

ANSA Merchant Bank Ltd, a subsidiary of Ansa McAl group of companies, recorded $77.5 million in profits after tax in its unaudited financial results for the six months of the year ended June 30. The results were an increase in its six-month performance for the same period last year, when it earned $64.4 million.

In a statement, chairman Norman A Sabga said the bank earned $805 million for the period, a 63 per cent increase over the same period last year, when it earned $494 million.

Operating profit increased by 7.8 per cent, from $87.7 million to $94.5 million the year before.

He said the banking segment, which includes Ansa Merchant Bank, Ansa Merchant Bank (Barbados) and Ansa Bank Ltd, recorded revenue of $207.4 million.

The segment earned a profit before tax of $52.2 million.

The insurance segment, which includes TATIL, TATIL Life, Colfire and Trident, earned revenue of $642.2 million for the period, which resulted in profits before taxes to the tune of $44.9 million.

He said significant investments continue to be made to improve the bank’s digital capacity to serve customers, along with growing the retail and commercial banking arms of the business.