ANSA Merchant Bank Limited Managing Director, Chip Sa Gomes, as he discusses the Bank’s year end results for the year ending 31 December 2009.  At right is Dr Anthony N Sabga, ANSA Merchant Bank Chairman.

The Board of Directors approved the release of ANSA Merchant Bank Limited’s Financial Statements for the year ended December 31, 2009.

The consolidated results include the operations of ANSA Merchant Bank, Trinidad and Tobago Insurance Limited and Tatil Life Assurance Limited, as well as other financial services subsidiaries.

Consolidated Earnings Per Share (EPS) for 2009 was $2.30.  This result represents a significant increase over $0.60 for 2008 when the financial services group was impacted by the adoption of new accounting standards that dealt with unrealized losses in investment portfolios.  The 2009 EPS was 11% better than the previous highest EPS of $2.07 delivered in 2007.

The Chairman noted that the financial services group had performed well and delivered good results in 2009.  He reminded the audience that when the Group released a poor result in 2008, it was due in large part to unrealized losses on its extensive investment portfolio.  Nevertheless, the business operations in 2008 were performing well.  After adjustments to the portfolios early last year and a supportive investment climate the operations were augmented by acceptable investment returns in 2009.

Based on the results the Board approved payments of a final dividend of $0.70 per ordinary share for 2009, making the total dividend $0.85 vs. $0.30 for the prior year.