Conister Bank Shares Positive Interim Results from Parent Company, Manx Financial Group PLC
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Conister Bank Shares Positive Interim Results from Parent Company, Manx Financial Group PLC
Conister Bank, a key part of the Isle of Man's banking landscape, is pleased to announce strong interim financial results, as part of its parent company, Manx Financial Group PLC (MFG).
MFG reported an impressive 16% increase in profit before tax, reaching £3.5 million for the first half of 2024, despite challenging economic conditions in the UK.
This performance underscores the resilience of the Isle of Man's economy, where Conister Bank has deep roots. Moody’s credit rating agency recently reaffirmed the Isle of Man’s economic strength, forecasting growth to rise from 1.5% in 2023 to 3% by 2025, outpacing much of Europe. The Island’s steady growth and stability are reflected in Conister Bank’s continued success as the principal profit driver within the MFG Group.
Supporting the Island’s Businesses and Communities
Conister Bank remains committed to supporting local individuals and businesses during these turbulent times. Over the past six months, the Bank's net loan book grew by £10.3 million to £370.4 million, while deposits rose to £409.3 million, highlighting the confidence that Isle of Man customers place in the Bank. This growth also improved our loan-to-deposit ratio, which now stands at 90.5%.
The Bank continues to focus on providing personalised, customer-centred services while adapting to the evolving needs of the market by enhancing digital capabilities. Conister Bank will soon introduce a self-service platform for lending and deposits, making banking more convenient for our valued customers.
Looking Ahead
As we move into the latter half of the year, Conister Bank remains committed to navigating the uncertainty surrounding the UK economy. While somewhat shielded from the broader challenges facing the UK, we remain mindful of potential spill over effects and will continue to manage risks carefully. At Conister Bank, we are confident that our local focus, supported by the strength of the MFG Group, will enable us to continue supporting the Isle of Man’s economy and helping our customers achieve their financial goals.
A Message from Douglas Grant, CEO of MFG and Managing Director of Conister Bank:
“I am proud to report another set of record results for the Group. These results highlight the resilience and adaptability of Conister Bank in the face of challenging economic conditions. Our commitment to delivering reliable financial solutions, combined with our focus on digital innovation, ensures we continue to support the financial wellbeing of our customers across the Isle of Man. We are proud to contribute to the Island’s economic stability and remain focused on providing a secure and dependable banking service for individuals and businesses alike.”
For more details about the interim results or MFG’s future plans, visit www.mfg.im.
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