The trinidad Guardian / ANSA Merchant Bank Limited has recorded an increase in both revenues and profit for the financial year ended December 31, 2016.
Published financial results show that the company generated $813.8 million in revenue, a 13 per cent increase from its revenue figure of $721.1 million in 2015.
The bank’s profit after tax moved from $247.4 million in 2015 to $251.7 million in 2016, a year on year increase of 1.7 per cent
Commenting on the bank’s performance, chairman Anthony Sabga said in spite of a contraction in domestic economic activity, the company was bolstered by favourable conditions in the global market.
“Despite a declining national economy, results were enhanced by an improvement in international markets toward the end of the year which had earlier witnessed some unexpected geopolitcal events,” he said.
Sabga also highlighted the bank’s acquisition of Consolidated Finance Company Limited (CFC) in Barbados which he said “will facilitate the expansion of our regional footprint”.
He added that the bank was able to benefit from three months of CFC’s positive earnings in the final quarter of 2016.
On a per share basis, the bank’s earnings moved from $2.89 in 2015 to $2.94 in 2016, an increase of five per cent.
The bank’s total assets also registered double-digit growth, moving from $6.7 billion to $7.4 billion, a gain of 11 per cent.
Highlighting the company’s dividend payment Sabga said: “The directors have approved a final dividend of $1 per share which brings the total dividend for the year ended December 31, 2016, to $1.20, an increase of $0.15 per share above aggregate 2015 dividends.”
Sabga said he remained optimistic about the bank’s future in spite of the challenging economic environment.
“I am confident of the opportunities we have for continued growth through the delivery of our unique product offerings and improved service to our valued clientele,” he said.