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Following is the message from the ANSA Merchant Bank Limited Chairman, Dr Anthony N Sabga, on the release of third quarter results for 2009:
“I am pleased to report that the ANSA Merchant Bank Group produced progressive results for the quarter ended September 30, 2009. Our profit for the nine-month period of $152.4 million represents an 82% year on year increase over the after-tax profit for 2008 ($83.9m). Our EPS of $1.81 for the first nine months in 2009 compares favourably with $1.00 per share for the same period in 2008.
The economic conditions of the past year have been characterized by high levels of volatility and uncertainty; notwithstanding our investments have performed creditably. Our local activities have also performed satisfactorily during a challenging period.
Our mutual funds have been very successful, providing the best local returns despite the present scarcity of investment opportunities. At this time, both of our ANSA mutual funds have been fully subscribed and new ANSA mutual funds are to be launched shortly.
We are encouraged by our successes in the Merchant Banking arena during this year so far. Although we are conscious of the difficulties in predicting when the financial turnaround will take place, with our present management and financial structure, we are confident of continued good results.
We believe that we are well placed to continue on a progressive trend to the final quarter of 2009.
Anthony N Sabga, CMT, Hon.LL.D. (UWI)