Conister Bank grows by 27% as Manx Financial Group posts a record profit of £1.73 million
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Conister Bank grows by 27% as Manx Financial Group posts a record profit of £1.73 million
Manx Financial Group PLC, the AIM listed Isle of Man based financial services group, including Conister Bank Limited and Edgewater Associates Limited, has recently reported its annual results for the year ended 31 December 2014.
Jim Mellon, Executive Chairman of Manx Financial Group PLC, commented: "I am pleased to report a record profit before tax for the Group of £1.73 million which represents a growth of 61% for the year. 2014 also marked the achievement of an important milestone whereby our total assets exceeded £100 million for the first time, to reach nearly £120 million at year-end. Our outlook for 2015 remains very promising."
Conister Bank Limited continues to grow with interest income increasing by 27% to £13.6 million, driven by a 18% increase in the net loan book to £89.3 million. This growth has been achieved without compromising credit quality evidenced by the decrease in impaired loans. Much of this growth has been built on new distribution agreements that the Bank has signed over the last two years.
Juan Kelly, Conister Bank's Managing Director, explained: "This set of results underlines the hard work of everyone in the Bank and our obsession with putting the customer first. It also demonstrates that Conister Bank is playing an increasingly important role in the Isle of Man economic landscape both as a key supplier of credit to the domestic market and as a contributor to the Island's GDP. A strong domestic bank is a critical component of any economy."
Edgewater Associates, the Group's local wealth management and general insurance subsidiary, continues to look for additional IFA acquisitions to develop and consolidate this division of the Group's business.
The full Financial Statements are available at www.mfg.im.
