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Friday, November 17 2017 @ 10:30 PM AST

Ansa Merchant Bank Q3 profit down, 9 mth profit up

Excerpt from Q3 financials released yesterday:


ANSA Merchant Bank Ltd and its subsidiaries Tatil and Tatil Life have for the nine-month period to September 30, 2017 delivered profit before taxation of $232.3 million, representing a 16% improvement over the same period in 2016. This resulted in an increase in EPS of 15 cents to $2.04 from the $1.89 achieved in September 2016. Total Assets also increased by 7.3% year over year to $7.3 Billion.

The notable performance in all business lines and Subsidiaries enabled this solid growth of the Bank Groupís assets and consolidated earnings year over year.

Profit before taxation of our Banking operations for the nine-month period to 30th September 2017 was 6.5% higher than the prior period despite soft market conditions. We are happy to report that earlier this year we launched our Private Wealth Management business and we are encouraged by our progress to date.

During the period under review, Tatil continued to gain market share in its Motor and Property books, while Tatil Lifeís performance improved significantly over the corresponding period, gaining market share in both its Mortgage and Life products.

Our Barbados companies, Consolidated Finance Co. and Brydenís Insurance maintained stable earnings during the period under review, notwithstanding the difficult economic conditions being faced in that economy.

Our investment portfolios continue to deliver superior performance against their objectives of both investment income and capital growth within an active risk management framework. Notable was our TT Income Fund which delivered a 12 month return of 3.28% to September 30, 2017.

The macro economic conditions in our markets continue to pose challenges, however we have maintained our commitment to work closely with our clients to create value and are confident of delivering a solid performance in 2017.

A. Norman Sabga

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