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AMBL Annual General Meeting heralds bank’s stability


 


ANSA Merchant Bank Limited, a majority owned subsidiary of ANSA McAL Limited, conducted its 31st Annual General Meeting on May 27, 2009.


 


At the Meeting, the Company presented a report on its performance for its year of operations ended December 31, 2008, and an overview of its business lines (merchant banking, mutual funds, general and life insurance).


 


The financial performance for 2008 was an EPS of 60¢ and this was a fairly large reduction from 207¢ the prior year. The Deputy Chairman, Mr. Ray A. Sumairsingh explained this was largely the result of accounting for unrealized losses across the Company’s extensive investment portfolios. He said that the majority of these unrealized losses were related to the global financial crisis but few if any of the securities could be considered permanently impaired.


 


Given the capacity of the Company’s Balance Sheet (Net Assets of $990 million) Sumairsingh felt that the Company had the capacity to maintain its investment positions until conditions stabilized. He further explained that operationally its various product lines were performing well and it had taken steps to adjust its investment portfolios defensively.


 


ANSA Merchant Bank also recapped the recent release of its first quarter 2009 result which was 45¢. ANSA Merchant Bank is a publicly traded company listed on the Trinidad and Tobago Stock Exchange. It has approximately 3,000 shareholders and is a member of the ANSA McAL Group of Companies.