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Sunday, May 4, 2025

Ansa Bank achieves second highest profit

by

20150527

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.


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