“It is note­wor­thy to men­tion that noth­ing has come to the at­ten­tion of man­age­ment to in­di­cate that ANSA Bank will not re­main as a go­ing con­cern for the next 12 months from the date of this state­ment.”

This was the state­ment made by man­ag­ing di­rec­tor of ANSA Bank Robert Le Hunte and chief fi­nan­cial of­fi­cer Hema Ram­dass-Cha­toor in the state­ment of man­age­ment’s re­spon­si­bil­i­ties for the nine months end­ed De­cem­ber 31, 2021.

For the nine months end­ed De­cem­ber 31, 2021 ANSA Bank record­ed a net loss of $15.7 mil­lion.

The bank, how­ev­er, got a tax cred­it of $5.9 mil­lion.

The net loss af­ter tax for the pe­ri­od was $9.8 mil­lion.

For the year end­ed March 31, 2021 ANSA Bank made a loss af­ter tax of $1.5 mil­lion.

“In re­sponse to COVID-19, the Bank un­der­took a re­view of its loan port­fo­lio which con­sid­ered the macro-eco­nom­ic out­look, cus­tomer cred­it qual­i­ty, type and val­ue of col­lat­er­al held, ex­po­sure at de­fault and the ef­fect of pay­ment de­fer­ral op­tions as at the re­port­ing date,” the fi­nan­cial state­ment stat­ed.

“Based on the analy­sis per­formed as at De­cem­ber 31, 2021 the for­ward look­ing mul­ti­ple used in the ex­pect­ed cred­it loss mod­el for Stage 1 and Stage 2 prob­a­bil­i­ty of de­fault per­cent­ages was 1.10; which in­cor­po­rat­ed the im­pact of COVID-19,” it stat­ed.

It stat­ed that in ac­cor­dance with the re­quire­ments of IAS 1 “pre­sen­ta­tion of fi­nan­cial state­ments” the bank per­formed a go­ing con­cern as­sess­ment as of the re­port­ing date.

“While the COVID-19 pan­dem­ic has height­ened the in­her­ent un­cer­tain­ty in the go­ing con­cern as­sess­ment, the Bank has con­clud­ed that there are no ma­te­r­i­al un­cer­tain­ties that may cast sig­nif­i­cant doubt on its abil­i­ty to con­tin­ue to op­er­ate as a go­ing con­cern. The fi­nan­cial state­ments have there­fore been pre­pared on the go­ing con­cern ba­sis,” it stat­ed.

Ac­cord­ing the fi­nan­cial re­sults cus­tomer de­posits stood at $424.6 mil­lion.

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