ANSA Merchant Bank and its subsidiaries reported a 70 percent increase in profit for the first quarter to March this year, compared to the first quarter of 2014. The quarter ended with consolidated operating profit of $53.8 million versus $31.6 million for the similar 2014 quarter and resulted in earnings of 50 cents per share, up from 26 cents in 2014. In 2014 the group reported earnings of $2.43 per share for the twelve months but should exceed that level in 2015.
The stock is listed on the Trinidad & Tobago Stock Exchange and last traded at $38.91, with a PE of 16 based on 2014 results and less, based on what the latest numbers are suggesting, in terms of full year profit for 2015. Examination of the 2013 and 2014 results, show no clear pattern of consistency quarter over quarter for earnings, but the last quarter of the year appears to be one in which profit tends to exceed $1.20 per shares, accordingly, the 2015 earnings could be around $3 per share and if achieved would result in a PE of 13.
The Banking segment produced earnings before tax of $33 million for the first quarter representing a 5 percent increase over the first quarter of 2014. Mutual Funds performed better in the reported quarter compared to 2014 with a small profit of $949,000 versus an $8 million loss, in 2014. The general insurance business produced net earnings of $22.7 million in the quarter, a 47 percent increase over the prior year. The life insurance business experienced a loss in of $2.2 million but an improvement over the loss of $7.2 million in the similar quarter of 2014.
Revenues climbed 21.3 percent to reach $172 million while expenses rose by a more sedate 7.3 percent to hit $118.3 million and helping to push up the profits
The equity capital stood at $1.9 billion at the end of March and total assets of $6.7 billion. ANSA McAl a Trinidad Company owns 82.48 percent of ANSA Marchant Bank group.
ANSA Merchant Bank profit up 70%
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