“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.
