ANSA Merchant Bank

ANSA Merchant Bank and its financial services group of companies recorded increased profits in 2021.

In the company’s Annual Report, Chairman A. Norman Sabga confirmed the company recorded profit before tax of $360 million in 2021. This represented a 76% improvement from $205 million in 2020.

Sabga said, “This was driven largely by mark to market investment valuations arising from the recovery in the local and international equity markets. Total Operating Income for 2021 reached $1.156 billion, up 28% from $903 million in 2020. Total Equity increased by $225 million or 8% year over year to $2.9 billion, while Total Assets increased by 18% and ended at $9.4 billion.”

He added the Group saw an improvement in key ratios such as return on average assets and return on equity which amounted to 3.53% and 10.98% respectively compared to 2.02% and 6.21% in the prior period.

The report also confirmed that TATIL had entered into an agreement to acquire 94.24% of Colonial Fire & General Insurance Company Limited (COLFIRE).

Sabga said, “This acquisition is expected to be completed in 2022, subject to all regulatory approvals being received. This latest acquisition follows on the heels of the acquisition of Bank of Baroda (Trinidad & Tobago) Limited and subsequent rebranding to ANSA Bank Limited in early 2021, which has already delivered significant loan growth and which has commenced a major transformational journey to become the first local digitally enabled commercial bank.”

He also noted the re-branding of the company’s Barbados-based subsidiary, Consolidated Finance Co Ltd to ANSA Merchant Bank (Barbados) Limited also reaped commendable rewards.

He said, “I am encouraged by these strategic initiatives and by our record results which speak to an efficiently run financial services group, that is made up of a diversified portfolio of Banking and Insurance companies.”