ANSA Merchant Bank Limited recorded a profit after taxation of $7.439 million for the three months ended March 31, 2026, as the group faced losses in its insurance segment linked to investment market volatility.
The figures were contained in the company’s unaudited interim results released yesterday.
Chairman A Norman Sabga said the group’s banking and wealth management segments delivered stronger results during the period.
The segment, which includes ANSA Merchant Bank, ANSA Merchant Bank (Barbados), ANSA Bank and ANSA Wealth Management, reported net operating income of $83.6 million and profit before taxation of $17.2 million.
Sabga said those figures represented increases of 23 per cent and 277 per cent, respectively, compared to the first quarter of 2025.
“Our customer base continues to grow, driven by our passion to win new customers and to offer exceptional service,” he noted.
However, the group’s insurance services segment reported a loss before taxation of $2.7 million for the quarter, compared to a profit before taxation of $21.6 million in the corresponding period last year.
The insurance division includes Tatil, Tatil Life, Colfire, and Trident Barbados.
Sabga said the weaker performance was largely linked to unrealised fair value adjustments within Tatil Life’s investment portfolio.
“The insurance segment, particularly Tatil Life, was adversely impacted by unrealised fair value adjustments in its investment portfolio, with much of the adverse revaluation impact having reversed by the end of April 2026,” he stated.
Total assets increased by $106 million to $10.3 billion during the quarter.
The group’s consolidated profit before taxation stood at $12.5 million, down 50 per cent from $24.9 million recorded in the first quarter of 2025.
Sabga said the decline reflected turbulence in investment markets stemming from the ongoing conflict in the Middle East.
He added that earnings per share fell to $0.09 compared to $0.29 in the corresponding period last year.
“We will continue to manage growth of our balance sheets and expect that our results will improve as the year progresses,” Sabga remarked.
