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%
Two new highs but 4 stocks fall
Trading levels on the Trinidad Stock Exchange on Monday saw two new 52 weeks high reached as ANSA Merchant Bank and Point Lisas Industrial Port Development reached new highs following two days of closure for holidays. Trading level was low, with 12 securities changing hands, 2 advanced 4 declined and 6 traded firm with 146,365 stocks changing hands with a value of $984,838.
The Composite Index lost 2.75 points to close at 1,178.35, the All T&T Index fell by 5.29 points to close at 2,021.39 and the Cross Listed Index fell by a mere 0.03 points to end at 43.93.
Gains| Stocks increasing in price at the close are ANSA Merchant Bank gained a cent to close at $39.03 and Point Lisas Industrial Port Development with 150 shares gained 15 cents to end the day at $4.15.
Declines| The stocks declining at the end of trading are First Citizens Bank that lost 93 cents, to close at $36.50 with 2.036 shares, Guardian Holdings added 10,902 shares valued at $155,899 to close down by 45 cents at $14.30, Jamaica Money Market Brokers with 69,634 shares changing hands for a value of $31,335, closed at 45 cents, Neal & Massy traded 2,000 units but declined by 7 cents to close at $68.88 and Sagicor Financial Corporation with a volume of 35,515 units, traded for $237,611 to close 3 cents lower at $6.69.
Firm Trades| Stocks closing with prices unchanged at the end of trading are Angostura Holdings with 21,500 shares with a value of $274,153 to close at $12.75, Clico Investment Fund that posted a volume of 455 shares valued at $9,828 to close at $21.60, Grace Kennedy 200 shares to close at $3.45, National Flour Mills 700 units closing at $1 and Prestige Holdings 2,245 shares to end at $9.40.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 4 stocks with the bid higher than the last selling price and 1 stock with the offer that were lower.
