Ansa Merchant Bank Ltd’s insurance companies’ international portfolios have not been spared from the turbulence in the overseas financial markets, Anthony Sabga, chairman emeritus of Ansa McAL, has reported in unaudited half-year results 2008.

Ansa Merchant Bank is a subsidiary of the Ansa McAL Group.

Sabga declared that half-year profits attributable to shareholders of $71.4 million is $3.1 million, four per cent lower than the figure for the first half of 2007.

“This result represents a significant improvement in the second quarter where earnings per share of 52 cents was 19 cents better than in the first quarter,” Sabga stated.

He said that despite the turbulence in international financial markets and their effects on Ansa Merchant’s insurance companies’ international portfolios, the bank found buoyant conditions in local equities encouraging.

“Your directors maintain a very positive outlook for the second half of 2008, and accordingly agreed to pay an interim dividend of 15 cents per share (2007: 15 cents),” Sabga stated.