ANSA Merchant Bank reports over $250M in revenue over first quarter 2023
ANSA Merchant Bank Limited (AMBL) has reported robust revenue of TT$256 million for the first quarter of 2023.
This represents an increase in revenue of 49% compared to the first quarter of 2022.
Profit before tax (PBT) for Q1 2023 is TT$59 million.
The strong performance of AMBL and its subsidiaries saw earnings per share increase in the first quarter of 2023 to $0.61, up materially from the corresponding quarter in 2022.
Chairman of ANSA Merchant Bank Limited Group A. Norman Sabga described the Q1 2023 results as stellar.
He told shareholders at the AGM that the Group has invested over TT$800 million in a combination of acquisitions and information technology (IT) over the last two years as the organization is transforming the way it operates, and these changes will bring a significant improvement in service to its valued customers and create value for all of its stakeholders.
Managing Director, Gregory N. Hill presented the AMBL Group financial performance results for Q1 2023 to the company’s shareholders at its Annual General Meeting (AGM) at the Radisson Hotel in Port-of-Spain on May 12, 2023.
Hill said that the company experienced growth in all of its core business lines.
The three banks that comprise the banking sector within the AMBL Group of Companies - ANSA Merchant Bank Limited (Parent), ANSA Bank Limited and ANSA Merchant Bank (Barbados)
Limited - reported a collective 7% growth in total assets and a profit before tax of TT$21.2 million for Q1 2023.
Banking saw ramped-up activity in loans, foreign exchange trading, bond trading, and positive mark-to-market valuations on investments.
Hill said, “The jewel in our crown is ANSA Bank and our significant investment in digital technology into ANSA Bank. Our recently launched Digital Touch Points in Gulf City Mall and West Mall in Trinidad bring hassle-free banking services and products that remove the pain points that banking customers normally experience in local retail banking services. The launch of our digital banking platforms will mean our retail, and very soon commercial customers also, will enjoy end-to-end digital banking.”
He added that the Banking Group continues to build upon its pioneering work in creating the Caribbean Natural Capital Hub, which it launched in July 2022, through its commitment to Environment, Social and Governance principles.
In addition, the bank is continuing its partnership with local NGO, The Cropper Foundation, and the global International Capitals Coalition, and recently launched the Natural Capital Grant Challenge for small and medium-sized businesses to encourage sustainable business practices domestically, and this will soon be expanded also to Barbados.
Performance in the group’s other major sector, Insurance, was also strong, with all of the insurance companies, TATIL, TATIL Life, Trident (in Barbados) and
TATIL’s newest acquisition, COLFIRE, reporting a collective profit before tax of TT$40 million in Q1 2023, up from a negative performance of TT$49 million for the corresponding quarter of 2022.
Managing Director of TATIL, Musa Ibrahim reported that the Insurance sector delivered a growth of 6% year over year in its total assets.
The strong earnings in this sector were attributed to growth in premiums and positive mark-to-market valuations on its investment portfolios.