Ansa Merchant Bank reports $218m profit

The content originally appeared on: Trinidad and Tobago Newsday

ANSA Merchant Bank chairman A. Norman Sabga (centre) knocks elbows with managing director Gregory Hill (left) and corporate secretary Robert Ferreira at the 2019 annual meeting of shareholders, which was held virtually on September 28, 2020. –

ANSA Merchant Bank has reported a $218.6 million profit before tax for the quarter ending September 30, 2021. This information was contained in the bank’s unaudited interim results for that period.

In a statement which accompaied the results, bank chairman A Norman Sabga said the bank remains in a very strong position from a capital, liquidity and balance sheet perspective. Strategic investments in information technology were seen as critical to improvement in customer service delivery in the financial services industry, for decades to come.

The bank’s consolidated revenue over this period was $788 million.

Sabga also said there was good performance from Ansa’s banking and insurance segments over this period. On the latter, general insurance in TT and Barbados faced growth challenges but continued to deliver excellent results. Life insurance experienced significant investment returns to recoup a decline experienced last year.

On the former, there was new business produced in the bank’s operations in TT and Barbados. There were new loans being booked and good returns with respect to mutual funds and wealth management assets.