The Port of Port-of-Spain does not have the level of productivity to accommodate business from the expanded Panama Canal which is due to be inaugurated on June 26.
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$339m before tax profit for Ansa Merchant Bank
Ansa Merchant Bank earned profit before tax of $339 million last year. In announcing the company’s financial results yesterday, managing director Gregory Hill said: “Our business improved substantially and we are looking at an 80 per cent increase. Our profit before tax was a substantial increase. “We attribute this improvement largely due to improvement in all our business lines. All aspects of the business performed incredibly in 2013 in banking, life business and general insurance business.”
Hill, who presented the bank’s consolidated financial statement for the year ended December 31, 2013, at the Ansa McAL Boardroom, Tatil Building, Port-of-Spain, said dividends increased because of the strong performance. “The market in each segment showed significantly improved conditions in 2013 and the management teams of the various institutions. We were able to capitalise on the opportunities and this is reflected in our very stellar performance in 2013.
“Our dividends are up. We felt that in light of the good economic conditions in 2013 that we would increase dividends from 85 cents to $1. Our asset base also went up year over year. This shows the strong performance,” he said. Hill said Ansa Merchant Bank had done well in tough economic times, particularly when compared to the other players in the market: “We had assets of $6 billion and this is fairly substantial relative to the market.
“Our efficiency ratio is the best in the market. For every dollar we earn we only spend 21 cents on expenses relative to our peers and it shows we are a very lean organisation and we create significant shareholder value on every dollar.”
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