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ANSA Merchant Bank records $297m profit

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ANSA Merchant Bank and its subsidiaries had a profit before tax (PBT) of $297.3 million in 2015—the second highest in the bank’s history.

Managing director Gregory Hill said this result represents a 13 per cent increase over the 2014 PBT of $262.2 million. He said all the bank’s profit lines, comprising banking, mutual funds, general insurance and life insurance, all showed growth last year.

Total revenue of $721.1 million was three per cent better than the 2014 total revenue of $703.4 million and the bank’s profit after tax for 2015 was $169.8 million.

According to the bank’s annual report, general insurance subsidiary Tatil had a “remarkable year” in 2015. Profit before taxation for the general insurance business increased by 12 per cent from $85.6 million in 2014 to $95.5 million in 2015 and underwriting profit reached $68.4 million.

The board of directors has approved a final dividend of $0.85 which brings the total dividend to $1.05, a five per cent increase over the 2014 dividend and the highest full year dividend to be paid to shareholders in the bank’s history.

“The bank is well-capitalised and our balance sheet remains strong and well-poised to be resilient against the economic headwinds which are anticipated for 2016 and beyond. In 2015, we have strengthened our balance sheet and taken a more conservative position on our assets to ensure that we are well poised for future growth in the challenging economic times ahead,” Hill said in his report to shareholders.

 

Friday, May 27, 2016
Story By: Rapheal John-Lall