ANSA Mer­chant Bank and its sub­sidiaries re­port­ed prof­it be­fore tax of $87.7 mil­lion for the six months end­ed June 30,2023, an in­crease of 166 per cent com­pared with the loss of $133.4 mil­lion for the same pe­ri­od in 2022.

The fi­nan­cial ser­vices com­pa­ny, which is ma­jor­i­ty owned by the ANSA McAL group, re­port­ed rev­enue that grew by 73 per cent from $285.3 mil­lion in 2022 to $494.3 mil­lion. Earn­ings per share rose sig­nif­i­cant­ly to $0.75 from neg­a­tive $1.50 (2022). To­tal As­sets grew from $9.2 bil­lion to $9.9 bil­lion, an in­crease of 8%.

ANSA Mer­chant’s bank­ing di­vi­sion, com­pris­ing ANSA Mer­chant Bank, ANSA Mer­chant Bank Bar­ba­dos and ANSA Bank, re­port­ed rev­enue of $215.4 mil­lion for the first six months of 2023, a 67 per cent in­creased over the $128.7 mil­lion re­port­ed for the same pe­ri­od in 2022.

Prof­it be­fore tax in the bank­ing seg­ment amount­ed to $81 mil­lion for the pe­ri­od Jan­u­ary 1 to June 30, 2023, 264 per cent more than the $22.3 mil­lion for the same pe­ri­od in 2022.

This strong per­for­mance is a re­sult of core in­come growth, no­tably in in­vest­ment bank­ing, forex trad­ing, new loans, and our in­vest­ment port­fo­lio, said ANSA Mer­chant chair­man, Nor­man Sab­ga.

“As a re­spon­si­ble cor­po­rate cit­i­zen, we have in­ten­si­fied our En­vi­ron­men­tal, So­cial, and Gov­er­nance (ESG) ac­tiv­i­ties and have adopt­ed a Nat­ur­al Cap­i­tal ap­proach to ad­vanc­ing share­hold­er val­ue,” said Sab­ga.

For the six-month pe­ri­od end­ed June 30th, 2023, ANSA Mer­chant’s in­sur­ance di­vi­sion, com­pris­ing Tatil, Tatil Life, Colfire and Tri­dent (Bar­ba­dos) re­port­ed rev­enue that in­creased by 106 per cent to $350.3 mil­lion from $169.6 mil­lion for the same pe­ri­od in 2022.

The in­sur­ance seg­ment re­port­ed prof­it be­fore tax of $40 mil­lion for the first six months of 2023, com­pared to a loss of $151 mil­lion for the same pe­ri­od in 2022.

Sab­ga said, “This was achieved through growth in pre­mi­ums, im­prove­ments in our un­der­writ­ing re­sults in both Life and Prop­er­ty & Ca­su­al­ty (P&C) busi­ness­es, and pos­i­tive mark-to-mar­ket val­u­a­tions of our in­vest­ment port­fo­lios.

“Our ac­qui­si­tion of Colfire in Q1 2023 has con­tributed to in­creased rev­enue across the re­gion and has added sig­nif­i­cant mar­ket share to our gen­er­al in­sur­ance busi­ness. The ac­qui­si­tion al­so pro­vides syn­er­gis­tic op­por­tu­ni­ties for re­source op­ti­mi­sa­tion and in­creased re­turns.