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Ansa Merchant Bank income up eight per cent
Ansa Merchant Bank has recorded an eight per cent increase in operating income for the first quarter of 2014 compared to the corresponding period in 2013. Commenting on the bank’s performance for the quarter ended March 31, chairman Anthony N Sabga said the good results were due to strong business development growth in major areas, and an increase in general insurance operations of seven per cent.
However, the bank’s mutual fund and life insurance businesses were adversely impacted by falling equity valuations. As a result consolidated profit before tax for the first quarter of 2014 was $31.6 million—less than the $56.3 million for the corresponding period last year. The consolidated performance resulted in an EPS for the three-month period ended March 31, 2014 of $0.26, down from $0.53 last year.
Sabga said: “We are, however, encouraged by profit and volume growth in our core businesses and by the increase in gross premium income at Tatil Life. “In light of the progressive underlying operations and expected favourable market outlook we remain confident of another credible performance for the full year 2014.”