The ANSA Merchant Bank Group recorded a consolidated profit before tax of $61.4 million for the three months ended March 31, 2021.
For the same period last year the Bank Group recorded a loss of $48.3 million due to “non-cash mark to market losses” on its local investments, chairman A Norman Sabga stated.
The Bank Group comprises ANSA Merchant Bank, Trinidad Tobago Insurance Ltd (Tatil), Tatil Life Assurance, Consolidated Finance Company Ltd, and ANSA Bank.
Total assets also grew by six per cent from $7.96 billion at December 31, 2020 to $8.47 billion at the end of March.
Sabga said the first quarter of the year “again demonstrated that our well-capitalised and diversified financial services business model of banking and insurance is robust and can achieve strong results despite challenging headwinds.
“ANSA Merchant Bank produced solid earnings, growing market share and reaping the benefits of our investments in products, people and technology which allowed us to be competitive despite the impact of the pandemic,” Sabga stated.
CFC also grew its book of business in Barbados despite the impact of the pandemic in that country, Sabga stated.
He noted that the market responded warmly to the launch of ANSA Bank on April 6.
Together Tatil and Tatil Life achieved profits of $45 million for the first three months versus a $63 million loss for the comparative period last year.
Last Thursday Tatil acquired Trident Insurance in Barbados.
“While the COVID-19 pandemic is expected to continue to impact our businesses and the markets in which we operate, the Bank Group remains in a very strong position from a capital, liquidity and balance sheet perspective,” Sabga stated.
“We will continue to serve our clients with excellence and without compromising their safety or that of our dedicated staff in these challenging times, while also remaining agile to capitalise on future opportunities for growth and expansion,” he stated.