JavaScript is disabled in your web browser or browser is too old to support JavaScript. Today almost all web pages contain JavaScript, a scripting programming language that runs on visitor's web browser. It makes web pages functional for specific purposes and if disabled for some reason, the content or the functionality of the web page can be limited or unavailable.

Saturday, July 12, 2025

ANSA Merchant poised for ‘significant growth’

by

844 days ago
20230318
ANSA Merchant Bank

ANSA Merchant Bank

ANSA Mer­chant Bank Ltd (AM­BL) is poised for sig­nif­i­cant growth giv­en ma­jor ac­qui­si­tions and in­vest­ments in tech­nol­o­gy and peo­ple, chair­man A Nor­man Sab­ga has said.

Sab­ga made the state­ment in the chair­man’s re­port for the group’s abridged fi­nan­cial state­ments for the year end­ed De­cem­ber 31, 2022.

Sab­ga al­so stat­ed that AM­BL at­tained an In­vest­ment Grade Rat­ing of Cari­AA with a Sta­ble Out­look from Cari­CRIS last year.

This was the first cred­it rat­ing for the Group and amongst the best cred­it rat­ings in T&T, he stat­ed.

“The bank­ing busi­ness has been in­vest­ing in the fu­ture of bank­ing tech­nol­o­gy and this past year im­ple­ment­ed dig­i­tal ca­pa­bil­i­ties to bet­ter serve our cus­tomers, and launched our first ful­ly dig­i­tal touch point in San Fer­nan­do, with ad­di­tion­al dig­i­tal Bank touch points to fol­low in 2023,” he stat­ed.

Sab­ga said this will be fol­lowed by dig­i­tal bank­ing ap­pli­ca­tions which will be re­leased over the next few months and pro­vide cus­tomers with has­sle-free bank­ing so­lu­tions.

“In our in­sur­ance busi­ness, TATIL, which has one of the strongest bal­ance sheets in the in­sur­ance in­dus­try and is rat­ed A- (Ex­cel­lent) by the in­ter­na­tion­al rat­ing agency, AM Best, com­plet­ed the in­te­gra­tion of the Tri­dent busi­ness (Bar­ba­dos) dur­ing the year and has re­ceived reg­u­la­to­ry ap­proval to ac­quire Colfire,” he stat­ed.

“This ac­qui­si­tion is an­tic­i­pat­ed to align the mu­tu­al strengths of these or­gan­i­sa­tions and en­sure that Colfire’s pol­i­cy­hold­ers ben­e­fit from the fi­nan­cial strength of our AM­BL Group,” Sab­ga stat­ed.

Sab­ga stat­ed that AM­BL’s fi­nan­cial re­sults for the year end­ed 31 De­cem­ber 2022, re­flect­ed the on­go­ing glob­al ef­fects of the in­crease in in­ter­est rates dri­ven by the war in Ukraine and per­sis­tent in­fla­tion.

“This re­sult­ed in the record­ing of a con­sol­i­dat­ed loss be­fore tax of $34 mil­lion for the year end­ed 31 De­cem­ber 2022, large­ly dri­ven by non-cash, mark-to-mar­ket val­u­a­tions in our in­vest­ment port­fo­lios, ver­sus a prof­it be­fore tax of $360.2 mil­lion for the same pe­ri­od last year,” he stat­ed.

“Notwith­stand­ing, to­tal as­sets grew by two per cent to $9.6 bil­lion in 2022 ver­sus $9.4 bil­lion in the same pe­ri­od last year as the Bank saw strong growth of over half a bil­lion dol­lars ($0.52 bil­lion).

Instagram


Related articles

Sponsored

Weather

PORT OF SPAIN WEATHER

Sponsored