THE
VALUE
OF OU
THE VALUE OF OUR
Contents
Report of the Chairman
2
Board of Directors
22
Corporate Information
31
Notice of Annual Meeting
of Shareholders
38
Corporate and Investment
Banking
41
Events, ESG Activities and
Social Responsibility
46
Report of the | Commitment to Sustainable |
Managing Director | Business Practices |
4 | 15 |
Biographies of the | Corporate Governance |
Board Members | 26 |
24 |
Report of the Directors | Directors' and |
36 | Substantial Interests |
37 |
Management Proxy | Financial Highlights |
Circular | 40 |
39 |
Wealth Management | Fund Facts |
42 | 44 |
Financial Statements | Form of Proxy |
2022 | 143 |
59 |
Report of the
Chairman
"Despite the income statement impact from the international and domestic investment markets in 2022,
our core businesses continued to grow, and we are well positioned for the future."
A. Norman Sabga
LLD (HON.) UWI; (H.C.) UTT
2
ANSA Merchant Bank Limited
Annual Report 2022
The ANSA Merchant Bank Limited financial services group is poised for significant growth given major acquisitions and investments in technology and people.
AMBL also attained this past year an Investment Grade Rating of CariAA with a Stable Outlook from CariCRIS, which was the first credit rating for the Group and amongst the best credit ratings in Trinidad and Tobago.
The Banking business has been investing in the future of banking technology and this past year implemented digital capabilities to better serve our customers, and launched our first fully digital touchpoint in San Fernando, with additional digital Bank touchpoints to follow in 2023. This will be followed by our digital banking applications which will be released over the next few months to excite our customers, with hassle-free banking solutions.
In our Insurance business, TATIL, which has one of the strongest balance sheets in the Insurance Industry and is rated A- (Excellent) by the International Rating Agency, AM Best, completed the integration of the Trident business (Barbados) during the year and has received regulatory approval to acquire Colfire. This acquisition is anticipated to align the mutual strengths of these organisations and ensure that Colfire's policyholders benefit from the financial strength of our AMBL Group.
The financial results of AMBL for the year ended 31 December 2022, reflect the ongoing global effects of the increase in interest rates driven by the war in Ukraine and persistent inflation. This resulted in the recording of a consolidated loss before tax of $34 million for the year ended 31 December 2022, largely driven by non-cash,mark-to-market valuations in our investment portfolios, versus a profit before tax of $360.2 million for the same period last year. Notwithstanding, Total Assets grew by 2% to $9.6 billion in 2022 versus $9.4 billion in the same period last year as the Bank saw strong growth of over half a billion dollars ($0.52 billion)
in Loans & Advances which resulted in our Banking business producing a Profit before tax in excess of $124 million.
Our Banking Segment comprising ANSA Merchant Bank Ltd., ANSA Merchant Bank (Barbados) Ltd., and our commercial bank, ANSA Bank Ltd., all produced notable new business growth, increased market share and profits over the period. The Bank launched its Natural Capital Hub as part of our ESG Strategy in 2022 which was well received by all stakeholders, both domestic and international, as we move towards further enhancing our sustainable and resilient financial services group. Our ANSA Mutual Funds have outperformed other local Mutual Funds in their respective classes and again did so in 2022.
Our Insurance Segments, comprising TATIL and TATIL Life, remain well capitalised, and Insurance revenues increased in most of our business lines over the prior year. Negative non-cashmark-to-market valuations in our investment portfolios adversely impacted the Insurance companies' profit before taxes, primarily in TATIL Life. However, we invest for the long-term, and our portfolios are well diversified and positioned to recover when markets rebound.
Despite the income statement impact from the international and domestic investment markets in 2022, our core businesses continued to grow, and we are well positioned for the future. Our significant investments in new IT across the Banking and Insurance companies represent the execution of our vision which will bear significant returns for all stakeholders in 2023 and beyond.
I wish to thank our stakeholders for their continuing support and our employees, Boards of Directors and senior executives for their continuing hard work and exceptional leadership over the past year.
A. Norman Sabga | ||
Chairman | ||
March 16, 2023 | ||
ANSA Merchant Bank Limited | 3 | |
Annual Report 2022 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Ansa Merchant Bank Ltd. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 20:54:39 UTC.