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ANSA Merchant Bank profits up through 3rd quarter

Published: 
Friday, November 10, 2017

ANSA Merchant Bank has recorded profit after tax of $174.8 million for the nine-month period ending September 30, 2017.

This represents an increase of 8 per cent compared to the previous year when the company registered after-tax profits of $161.7 million.

Total assets also increased by 7.3 per cent year on year, moving from $6.8 billion to $7.3 billion.

Commenting on the Group's performance, company chairman A. Norman Sabga said: "The notable performance in all business lines and Subsidiaries enabled this solid growth of the Bank Group’s assets and consolidated earnings year over year."

Referring specifically to the performance of the Group's insurance subsidiaries Tatil and Tatil Life, Sabga said: "During the period under review, Tatil continued to gain market share in its Motor and Property books, while Tatil Life’s performance improved significantly over the corresponding period, gaining market share in both its Mortgage and Life products."

Sabga noted that company's investment lines continued to show positive results in their performance

He said: "Our investment portfolios continue to deliver superior performance against their objectives of both investment income and capital growth within an active risk management framework. Notable was our TT Income Fund which delivered a 12 month return of 3.28% to September 30, 2017."