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Norman Sabga, Chairman of ANSA Merchant Bank Limited.

BUSINESS MONDAY: Consolidated Finance, Brydens Insurance performing well: Sabga

CONSOLIDATED Finance Corporation (CFC) and Brydens Insurance in Barbados continue to do well, although at a slower pace given the economic conditions in this country.

That's according to Norman Sabga, Chairman of ANSA Merchant Bank Limited (AMBL) which owns the two Barbadian entities.

Sabga gave a detailed review of the companies in Trinidad and Tobago and how well they did in returning positive growth in what has been a difficult time for businesses given the global pandemic.

In the review for the third quarter, Sabga said that AMBL Group recorded 32 per cent increase in net profit for the period ended September 30, 2020, an almost $10 million increase.

For the three months to September, the Group earned consolidated profit before tax of $57 million, compared to $50 million, or 16 per cent over the same period last year.

"Our Barbados banking operations, CFC and Brydens Insurance continue to build their books of business with promising top lines, albeit slower than expectations given the economic climate in Barbados," Sabga stated.

He pointed out that the COVID-19 pandemic continued to impact AMBL's businesses and the markets where they operate.

However, Sabga expressed that the Bank group remains in a strong position from a capital, liquidity and balance sheet perspectives.

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