In spite of regional economic shifts, natural disasters, and volatile international markets, ANSA Merchant Bank and its subsidiaries delivered encouraging results in 2018.
ANSA Merchant Bank’s operating income for 2018 stood at $925 million dollars, seven per cent shy of the $1 billion mark and just below 2017 operating income.
So said Norman Sabga, the Group’s executive chairman while speaking at the company’s annual general meeting held in Port-of-Spain yesterday.
In his report he noted profit before tax in 2018 of $261 million reflected a decrease of 16.9 per cent over 2017, primarily reflecting the impact of the Barbados economy and increased domestic general insurance claims.
Sabga added that total equity increased by $45 million or two per cent year over year to $2.367 billion while total assets ended 2018 at $8 billion.
Earnings per share in 2018 was $2.41 compared to 2017 of $2.71.
Sabga added that the banking business produced a profit before tax of $174 million compared to $214 million in 2017.
“This however, was isolated to specific provisioning taken on our Barbados exposures and our mitigation of associated risks to our Barbados subsidiaries.
“Our Private Wealth Management Service gained further momentum complementing our Institutional Investment Services Division and we are quite encouraged by the market’s favourable response to same,” Sabga explained.
He said the company’s asset finance business remained “best in class” with innovative vehicle and equipment product bundles.
“The Investment Banking Division continues to structure and deliver competitive products tailored to the specific requirements of large corporates and sovereigns, with total transactions arranged in excess of $27 billion,” Sabga added.
Managing Director Gregory Hill also reiterated that against the backdrop of a year characterised by subdued global markets, a contraction in domestic economic activity and ambiguity in the foreign exchange market, the Bank stood steadfast to its mandate of value added products to clients, better customer service and increased shareholder value.
Hill said 2018 brought many hardships to many loyal clients and staff from the effects of abnormal flooding and the earthquake which rocked the island, following which the company stepped in to provide aid.
“We continued to drive our strategic focus on innovation and demonstrated this by building out our wealth management business, upgrading of our website, social media presence and advancing our core banking information technology platform to deliver improved efficiency and the highest quality service to customers,” Hill added.
Article by – Geisha Kowlessar-Alonzo
Trinidad and Tobago Guardian