ANSA Merchant Bank Ltd recorded an after-tax profit of $118.84 million for the first nine months of its 2024 financial year, a 24.4 per cent increase compared to the $95.4 million the company earned for the same period in 2023.
This is according to the bank’s unaudited interim results nine months ended September 30, 2024.
In his statement, ANSA Merchant chairman A Norman Sabga explained that the banking and insurance businesses earned net operating income of $505 million for the nine months ended September 2024, 9.8 per cent lower than the prior period’s restated comparative of $560 million. However, operating profit was in line with the prior period’s restated profit of $129 million.
In 2023, the quarterly results were presented under IFRS 4 (insurance contracts), while this year, the quarterly results are being presented using the updated IFRS 17 accounting standard insurance contracts. Therefore, to facilitate comparability, the prior period’s results have been restated.
Earnings per share for the nine months ended September, 2024 increased by 24 per cent to $1.39 from $1.12 in the comparable period in 2023.
Assets on the group’s balance sheet increased by 1.6 per cent over the prior year to $10.02 billion, while satisfying all regulatory capital guidelines.
Sabga also noted that the banking segment, comprising ANSA Merchant Bank Ltd, ANSA Merchant Bank (Barbados) Ltd and ANSA Bank Ltd, recorded net operating income of $337 million (2023: $331 million) and profit before tax of $76.5 million (2023: $102 million).
“Significant investments continue to be made to enhance ANSA bank’s digital capabilities to better serve our customers and expand both our retail and commercial banking divisions,” Sabga added.
The insurance segment, comprising Tatil, Tatil Life, Colfire and Trident, earned net operating income of $212 million (2023: $315 million) and profit before tax of $89 million (2023: $61 million) for the nine months ended September 2024.
Year-on-year, Sabga said this segment has experienced growth in core business lines and continues to demonstrate resilience notwithstanding the competitive environment coupled with substantial claims inflation, particularly in the motor line of business.
He said he was also pleased to report that CariCRIS has reaffirmed the high credit worthiness ratings of CariAA and ttAA for the ANSA Merchant Bank Group for the third consecutive year.
