ANSA Merchant Bank : 10 Nov 2022 – ANSA Merchant Bank Limited – Unaudited Interim Financial Statements for the Quarter ended September 30th, 2022

QUARTER ENDED 30 SEPTEMBER 2022

A public Company registered on the

Trinidad & Tobago Stock Exchange

EXPRESSED IN THOUSANDS OF TRINIDAD & TOBAGO DOLLARS (TT$000)

CHAIRMAN'S STATEMENT

The financial results of the Ansa Merchant Bank Financial Group (AMBL) for the nine- month period to 30 September 2022, reflect the ongoing negative impact of volatile financial markets, caused by high inflation which is forcing interest rates to rise globally, the lingering war in Ukraine, which is creating geopolitical risks, and the fragile state of energy supplies and commodity prices. This resulted in the recording of a consolidated loss before tax of $151.3 million for the nine-month period ended 30 September 2022, largely driven by non-cashmark-to-market losses in our investment portfolios, versus a profit before tax of $218.6 million for the same nine-month period last year.

Total Assets grew by 7% to $9.8 billion in Quarter 3, 2022 versus $9.2 billion in the same period last year. Shareholders will be pleased to also learn that our AMBL Financial Group was awarded an Investment Grade Credit Rating of CariAA this year, from the regional rating agency CariCRIS, indicating a high level of creditworthiness, coupled with a Stable Outlook.

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 and profits over the period. Our ANSA Mutual Funds also continue to outperform other local Mutual Funds in their respective classes.

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 adjustments in our investment portfolios continue to adversely impact 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 in due course.

Our companies remain in positions of strength from a capital, liquidity and balance sheet perspective and are well positioned for future growth

A. Norman Sabga A. Norman Sabga Chairman

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Unaudited	Unaudited	Audited
	30-Sep-22	30-Sep-21	31-Dec-21
Assets	9,823,866	9,191,642	9,384,906
Total assets	9,823,866	9,191,642	9,384,906
Liabilities	7,139,707	6,416,063	6,481,869
Total liabilities	7,139,707	6,416,063	6,481,869
Non-controlling interest	889	519	744
Shareholders' equity	2,683,270	2,775,060	2,902,293
Total shareholders' equity	2,684,159	2,775,579	2,903,037
Total liabilities & shareholders' equity	9,823,866	9,191,642	9,384,906

	A. Norman Sabga			Gregory N. Hill
A. Norman Sabga			Gregory N. Hill
Chairman			Managing Director
		CONSOLIDATED STATEMENT	OF INCOME
			Unaudited	Unaudited	Unaudited	Unaudited	Audited
			3 months to	3 months to	9 months to	9 months to	Year Ended
			30-Sep-22	30-Sep-21	30-Sep-2230-Sep-2131-Dec-21
	Total income	188,806	248,299	474,122	788,217	1,155,842
Total expenses	(206,775)	(190,474)	(625,457)	(569,597)	(795,663)
	Operating (loss)/profit	(17,969)	57,825	(151,335)	218,620	360,179
Taxation	(11,986)	(12,764)	(7,446)	(45,887)	(53,862)
	(Loss)/profit after taxation	(29,955)	45,061	(158,781)	172,733	306,317
	Profit attributable to:	(29,992)	45,108	(158,926)	172,862	306,222
		Equity holders of Parent
	Minority interest	37	(47)	145	(129)	95
	(Loss)/profit attributable	(29,955)	45,061	(158,781)	172,733	306,317
		to shareholders
	Earnings per share - Basic	(0.35)	0.53	(1.85)	2.02	3.58
Avg. no. of shares - Basic ('000)	85,605	85,605	85,605	85,605	85,605

		SEGMENTAL INFORMATION
			Banking											Mutual Funds
			Unaudited	Audited				Unaudited	Audited
		Unaudited		Unaudited
		9 months to	9 months to Year Ended			9 months to	9 months to Year Ended
		30-Sep-22	30-Sep-21	31-Dec-21			30-Sep-22	30-Sep-2131-Dec-21
Total income	195,624	262,142	382,816				19,923	30,167	43,614
Total expenses	(161,490)	(170,387)	(202,674)			(44,511)	(17,327)	(29,649)
Profit/(loss)	34,134	91,755	180,142				(24,588)	12,840	13,964
	before tax
Total assets	5,925,453	5,351,627	5,640,007				686,281	710,880	719,834
Total liabilities	4,142,800	3,572,532	3,636,768				686,448	710,393	719,785
Purchase of	23,377	21,433	36,610							-	-	-
fixed assets
Depreciation	(21,343)	(26,029)	(33,262)						-	-	-
		Insurance Services							Eliminations
			Unaudited	Audited				Unaudited	Audited
		Unaudited	Unaudited
		9 months to	9 months to Year Ended			9 months to	9 months to Year Ended
		30-Sep-22	30-Sep-21	31-Dec-21			30-Sep-22	30-Sep-2131-Dec-21
Total income	302,439	579,931	841,815				(43,863)	(84,023)	(112,403)
Total expenses	(480,108)	(430,481)	(8,188)			60,652	48,598	(555,153)
(Loss)/profit	(177,669)	149,450	833,627				16,789	(35,425)	(667,556)
	before tax
Total assets	4,223,213	4,101,312	4,164,156				(1,011,081)	(972,177)	(1,139,092)
Total liabilities	2,464,463	2,300,246	2,279,487				(154,004)	(167,108)	(154,171)
Purchase of	6,867	21,910	29,865							-	-	-
fixed assets
Depreciation	(6,147)	(6,141)	(7,215)						-	-	-
			Totals
			Unaudited	Audited
		Unaudited
		9 months to	9 months to Year Ended
		30-Sep-22	30-Sep-21	31-Dec-21
Total income	474,122	788,217	1,155,842
Total expenses	(625,457)	(569,597)	(795,663)
(Loss)/profit	(151,335)	218,620	360,179
	before tax
Total assets	9,823,866	9,191,642	9,384,906
Total liabilities	7,139,707	6,416,063	6,481,869
Purchase of	30,244	43,343	66,474
fixed assets
Depreciation	(27,489)	(32,170)	(40,477)
	CONSOLIDATED STATEMENT OF		COMPREHENSIVE INCOME
						Unaudited			Unaudited	Audited
						9 months to		9 months to	Year Ended
						30-Sep-22			30-Sep-21	31-Dec-21
(Loss)/profit after taxation			(158,781)				172,733	306,317
Other comprehensive (loss)/income									(1)				7,284	12,527
Total comprehensive (loss)/income (net of tax)		(158,782)				180,017	318,844
Comprehensive income attributable to:		(158,927)				180,146	318,749
Equity holders of the Parent
Minority interest										145				(129)	95
Total comprehensive (loss)/income		(158,782)				180,017	318,844
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
						Unaudited			Unaudited	Audited
						9 months to		9 months to	Year Ended
						30-Sep-22			30-Sep-21	31-Dec-21
Balance at the start of the period/year		2,903,037				2,677,570	2,677,570
Total comprehensive (loss)/income			(158,782)				180,017	318,844
Other reserve movements			25,509				(17,804)	(12,052)
Dividend				(85,605)				(64,204)	(81,325)
Balance at the end of the period/year			2,684,159				2,775,579	2,903,037

Directors: A. Norman Sabga (Chairman), Gregory N.Hill(Managing Director), Ray A. Sumairsingh (Deputy Chairman), David Dulal-Whiteway,Timothy Hamel-Smith,LarryHowai, M. MusaIbrahim,

Jeremy Matouk, Nigel Romano,Ian E.Welch,- all c/o the following address: 11A Maraval Road, Port of Spain Phone: [phone]Fax:[phone]

Branch Offices: 25 Royal Road, SanFernando Phone: [phone]Fax:[phone]|Grand Bazaar Mall, Valsayn Phone: [phone]Fax:[phone]

QUARTER ENDED 30 SEPTEMBER 2022

A public Company registered on the

Trinidad & Tobago Stock Exchange

EXPRESSED IN THOUSANDS OF TRINIDAD & TOBAGO DOLLARS (TT$000)

CONSOLIDATED STATEMENT OF CASH FLOWS
	Unaudited	Unaudited	Audited
	9 months to	9 months to	Year Ended
	30-Sep-22	30-Sep-21	31-Dec-21
(Loss)/profit before taxation	(151,335)	218,620	360,179
Gain on disposal of property, plant,	(3,676)	(4,494)	(26,105)
equipment and investments
Adjustments for non cash items	152,565	(255,646)	(246,104)
Operating cash flow before working capital changes	(2,446)	(41,520)	87,970
Net working capital changes	67,236	150,950	823,101
Net taxation paid	(24,521)	(21,306)	(45,742)
Cash flow from operating activities	40,269	88,124	865,329
Investing activities	(175,737)	(228,291)	(712,146)
Financing activities	(60,605)	(64,204)	(284,261)
Decrease in cash and cash equivalents	(196,073)	(204,371)	(131,078)
Cash & cash equivalents at the beginning of period	1,266,290	1,397,368	1,397,368
Cash & cash equivalents at the end of the period	1,070,217	1,192,997	1,266,290

SIGNIFICANT ACCOUNTING POLICIES

This interim financial report has been prepared on a historical cost basis, except for the measurement at fair value of trading investment securities, investment properties and other financial assets not held in a business model whose objective is to hold assets to collect cash flows, or whose contractual term does not give rise solely to payments of principal and interest. The consolidated financial statements of the Bank and its Subsidiaries have been prepared in accordance with IFRS. The accounting policies applied in determining the consolidated IFRS results in this report are the same as those previously applied and disclosed in the Bank's published consolidated financial statements for the year ended 31 December 2020.

The consolidated financial statements comprise the statements of ANSA Merchant Bank Limited (the Bank/Parent) and its subsidiaries (including special purpose entities that the Bank consolidates in accordance with IFRS 10 'Consolidated Financial Statements'). All intercompany balances and transactions have been eliminated. Subsidiaries are fully consolidated from the date on which control is transferred to the Parent. Control is achieved where the Parent has (i) the power to govern the financial and operational policies of an investee, (ii) exposure or rights to variable returns from its involvement and (iii) the ability to use its power over the investee to affect the amount of the Parent's returns. Subsidiaries are de-consolidated from the date that any one of the three preceding criteria for control no longer exists.

Directors: A. Norman Sabga (Chairman), Gregory N. Hill(Managing Director), Ray A. Sumairsingh (Deputy Chairman), David Dulal-Whiteway,Timothy Hamel-Smith,LarryHowai, M. Musa Ibrahim,

Jeremy Matouk, Nigel Romano,Ian E.Welch,- all c/o the following address: 11A Maraval Road, Port of Spain Phone: [phone]Fax:[phone]

Branch Offices: 25 Royal Road, SanFernando Phone: [phone]Fax:[phone]|Grand Bazaar Mall, Valsayn Phone: [phone]Fax:[phone]