ANSA Merchant Bank and its financial services group of companies has recorded a 76 per cent increase in profit before tax for the year ended December 31, 2021.
In 2020 its profit before tax was $205 million.
ANSA Merchant bank chairman A Norman Sabga said this “robust increase” was driven largely by mark to market investment valuations arising from the recovery in the local and international equity markets.
The total operating income for last year reached $1.156 billion which was up 28 per cent from $903 million in 2020.
ANSA Merchant Bank’s earnings per share in 2021 increased “significantly” to $3.58 compared to $1.89 in 2020, Sabga stated.
“During the year, TATIL entered into an agreement to acquire 94.24 per cent of Colonial Fire & General Insurance Company Ltd (Colfire). This acquisition is expected to be completed in 2022, subject to all regulatory approvals being received,” Sabga stated.
“I am encouraged by these strategic initiatives and by our record results which speak to an efficiently run financial services group, that is made up of a diversified portfolio of banking and insurance companies,” he stated.
Sabga said given the improved business performance compared to 2020 the directors recommend a final dividend of $1 per share for the year ended December 31, 2021.
“I wish to thank all our stakeholders for their continuing support and especially our employees for their exceptional resilience and their commitment to the success of our businesses over the past year,” he stated.