ANSA Merchant Bank’s operations in Barbados registered “record revenue” during the 2021 financial year, despite negative pandemic-related impacts on the financial institution.
Its chairman Gregory Hill made the disclosure in a recent public filing of the company’s report and summarised financial statements for the year ending December 31, 2021.
“ANSA Merchant Bank (Barbados) Limited was not spared the continued disruptive effects of the COVID-19 pandemic, which still continue to affect the economy of Barbados, with its main industry, tourism, being negatively impacted by a shutdown of the country during February 2021, with a curfew remaining in effect up to the end of the year,” Hill noted.
He also said recounted the April eruptions of the La Soufriere volcano in St Vincent and Hurricane Elsa which affected many Barbadians and local businesses.
However, Hill said ANSA Merchant Bank Barbados’ investment in technology and its disciplined approach to financial management enabled the company
Net total comprehensive income for the review period reached $5.24 million and this compared to $514, 222 registered for the previous year.
“We successfully re-named and re-branded the company from Consolidated Finance Co. Limited to ANSA Merchant Bank (Barbados) Limited in December 2021, which was widely applauded by our clients and the business community.
“We welcomed a new Managing Director, Victor Boyce a Barbadian, who we brought back to Barbados to augment our leadership team.
“We successfully deployed a major technology and operational project to centralise the back-office functions into the ANSA Merchant Bank Trinidad office, in order to improve efficiency across the organisation and enhance profitability of the company,” he disclosed.
Hill said during the review year ANSA Merchant Bank “generated record revenue, as well as set numerous other financial performance records in each of our lines of business”.
The company chairman added: “We achieved a robust operating income (comprising net interest income, net lease rental income, fees and foreign exchange income) of $14 million in 2021 compared to $13 million in 2020, an eight per cent increase.
“As a result of this and expense management, the company was able to achieve income before taxation of $5.7 million compared to $1 million in the previous period.
“We remained one of the best capitalised companies in our industry, as our capital base closed strongly at $59 million with a capital adequacy ratio of 34 per cent, which is well above the minimum regulatory requirement of eight per cent and reflects the strength of our business.” (IMC1)