ANSA Merchant Bank was the largest revenue earner for the Group, accounting for about sixty two percent of all revenue. Thirty eight percent came from the insurance segment and the general company contributed twenty per cent. TATIL Life Insurance came in with eighteen per cent.
Mr Larry Howai, Financial Services Advisor told shareholders that the bank’s profit before tax of TT$314 million for the period ended December 31, 2017, was close to being flat but still fared better than others in the industry. “It was three per cent down, which when you compare to what is happening in the rest of the industry is a reasonably good performance. The sector doubled shareholders’ equity over the last ten years from TT$1 billion to over TT$2 billion. Our earnings per share is TT$2.71”, he told shareholders.
Offering some insight at the Bank’s AGM was Managing Director, Mr Gregory Hill, who said that the bank had TT$60 billion in assets and over the last ten years had done TT$24 billion in financing in the local and regional markets. He described their 85,000 vehicle financing loans as significant.
Mr Hill went on to say that when there are difficult economic times, the Bank has been able to weather the storm. “Asset finance is the cornerstone of AMBL performance and being quite diversified, we have several other business lines with each of them pulling their weight at about seventeen per cent each.
When taking questions from shareholders, Mr A. Norman Sabga, Executive Chairman, responded that there were no immediate plans to get into the retail banking market. “Though it would certainly be an attractive area of growth and we have discussed on several occasions, retail banking licenses are not lying around idly”, Chairman stated.
Chairman concluded by saying, “We continue to grow and ANSA Merchant Bank is expanding its operations significantly. We are doing what few other successful businesses do during an economic challenge – we are investing in new products and our people – to grow our market share and capitalize on opportunities that arise”.
Corporate Communcications Department
ANSA McAL Group of Companies
Tuesday 03rd July, 2018