ANSA Merchant Bank achieves second highest profit

Managing director of ANSA Merchant Bank, Gregory Hill (second from left) gives his report on the bank’s 2014 financial performance during the annual general meeting at Tatil Building, Port-of-Spain, on Wednesday 27th May, 2015. Also at head table are (from left) Sector Head of Financial Services – ANSA McAL Limited Chip Sa Gomes, ANSA Merchant Bank Chairman – Dr Anthony Sabga and Group Chairman and Chief Executive of the ANSA McAL Group – A Norman Sabga. PHOTO: NICOLE DRAYTON

Gregory Hill, managing director of Ansa Merchant Bank said 2014 as a “fantastic” year for the investment bank. “We did $5 billion in transactions, easily the amount of any other merchant bank including large commercial banks in T&T. There was the $1.5 billion bond issue arranged by Ansa Merchant Bank solely and placed in the domestic capital market.

“We followed that up with a $1.2 billion transaction to fund the housing programme for the country. Also, our mutual funds continue to deliver very strong results. If you are not an investor now, you need to come and see us,” he told shareholders at the bank’s annual general meeting at the ANSA McAL’s Group head office, Tatil Building, Port-of-Spain, yesterday.

The annual report showed that the bank and its subsidiaries delivered their second highest recorded profit before tax of $262.2 million, following on the $338.9 million achieved in 2013. Earnings per share for 2014 was $2.43 compared to $3.11 the previous year.

The general insurance subsidiary, Tatil, reported a 13 per cent increase in gross written premium income and 10 per cent on a net earned basis. The life insurance company, Tatil Life, continued to strengthen its underwriting practices resulting in a reduction of net benefits and claims costs by eight per cent, while policy holders’ liabilities increased by eight per cent.

The report said: “The credible performance was achieved despite unfavourable investment market conditions which resulted in modest investment income particularly affecting the life insurance subsidiary.” It said the investment banking business had a “stellar year” as it arranged market transactions of approximately $5billion—a significant increase over 2013.

Ansa Merchant Bank is member of the Ansa McAL Group, parent company of Guardian Media Ltd.

Taken from: Trinidad Guardian
Story by: Rapheal John-Lall
Date: Thursday 28th May, 2015
http://www.guardian.co.tt/business/2015-05-28/ansa-bank-achieves-second-highest-profit