ANSA Merchant Bank has recorded a figure of $925.4 million in operating income for the year ended December 31, 2018. The operating income was seven per cent shy of the $1 billion mark and just below the 2017 operating income.
Chairman of the ANSA McAL Group of companies A Norman Sabga said ANSA Merchant Bank and its subsidiaries delivered encouraging results in 2018 despite the subdued local and regional economic climate.
ANSA Merchant Bank consists of Tatil, Tatil Life and Consolidated Finance Company.
The profit before tax in 2018 of $261 million reflected a decrease of 16.9 per cent over 2017 primarily reflecting the impact of the Barbados economy and increased domestic general insurance claims.
The company’s total equity increased by $45 million or two per cent year-over-year to $2.367 billion, while its total assets at the end of 2018 stood at $8 billion.
ANSA Merchant Bank’s banking business produced a profit before tax (PBT) of $174 million compared to its $214 million in 2017.
The investment banking division of the company’s Private Wealth Management Services continues to structure and deliver competitive products tailored to the specific requirements of large corporates and sovereigns, with total transactions arranged in excess of $27 billion.
The bank’s T&T Income Mutual Fund also delivered a 12-month return of 2.13 per cent, which continued to secure the company at the #1 position in the market.
While Tatil Life generated a PBT of $48.6 million compared to 2017’s $67.6 million, Tatil’s PBT declined by five per cent given the one-off claims experience in relation to the domestic flood and earthquake events.
The motor and property books of Tatil closed with an increase of net premium income of $19 million or 9.6 per cent in 2018. Tatil remains with a best in class rating by AM Best of A (excellent).
“The macro economic conditions in our markets continue to pose challenges, however, we are confident in the future and in our businesses to deliver another strong performance in 2019 with further value creation for our customers, shareholders and employees,” Sabga said.