ANSA Merchant Bank Limited had a “robust” second quarter, which caused the company to rebound significantly from its first quarter results, chairman A Norman Sabga has said.
Sabga made the statement in the chairman’s report of ANSA Merchant Bank’s unaudited interim results for the quarter ended June 30, 2020.
“ANSA Merchant Bank Limited (“the Bank”), Consolidated Finance Company Limited (“CFC”), Trinidad and Tobago Insurance Limited (“TATIL”) and Tatil Life Assurance Limited (“TATIL Life”), (collectively “the Bank Group”), earned a consolidated profit before tax of $95 million for the three month period ended June 30,2020 as compared to $73 million in the same quarter of last year, which represented an increase of 30 per cent year over year,” Sabga stated.
“However, the consolidated PBT for the six-month period ended June 30, 2020 still trails 2019, at $46 million versus $158 million last year, due to the losses sustained in the first quarter as a result of the pandemic,” he stated.
Sabga said that the effects of COVID-19 continues to impact T&T and in response the company has “re-engineered” its business processes to achieve better results for all stakeholders.
“Our Barbados operation, Consolidated Finance Company Ltd, continues to build its retail book of business, albeit slowly, reflecting the economic climate in that country,” Sabga stated.
“Our insurance companies, TATIL and TATIL Life, remain well capitalised. Both showed improved performance, given strong premium income growth and a modest recovery in some investment asset classes,” he stated.
Sabga added that together TATIL and TATIL Life achieved profits of $55 million for the three months ended June 30, 2020 versus $33 million in the comparative period last year.
“Our half-year 2020 results are reflective of the impact of COVID-19 on both global and regional markets and as a consequence your Board considers it prudent to not declare an interim dividend at this time, as we continue to monitor the effects of the pandemic on all our businesses,” he stated.
“In closing I wish to thank our loyal customers for their continued support and to commend our dedicated staff who demonstrate, every day, their zeal in delivering extraordinary results. This level of performance is fundamental not only to our business, but to reigniting the economies in which we operate,” Sabga stated.