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Monday, May 29 2017 @ 03:00 PM AST

Ansa Merchant Bank profit more than doubles

Statement had to be made by Ray A. Sumairsingh, Deputy Chairman, as Chairman Anthony Sabga died.

ANSA Merchant Bank and its subsidiaries have for the first quarter ending March 31 2017 delivered profit before taxation of $82.8 million, which was $42.8 million higher than the result for the first quarter of 2016. Earnings per share for this three month period was $0.80 (2016: $0.33).

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.

Our 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 economic conditions in our markets are challenging but as we work closely with our clients we continue to find opportunities and we are confident of progressive results in 2017.

While I am aware that many will already have received this news, with great regret I must inform shareholders of the passing of our Chairman Dr. Anthony N. Sabga ORTT on 3 May 2017. 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. He will be very greatly missed by members of the board, shareholders and staff alike.

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