Conister Bank’s parent company Manx Financial Group PLC announces a 11.5% growth in profit year on year.
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Conister Bank’s parent company Manx Financial Group PLC announces a 11.5% growth in profit year on year.
Profits at the locally based financial services group, which includes Conister Bank Limited, Edgewater Associates Limited and Manx FX Limited, have continued to increase since their latest published results.
Manx Financial Group PLC’s full-year results were published this week and highlighted yet another successful year for the Group.
Jim Mellon, Executive Chairman, commented: “I am pleased to announce that the outcome for 2019 showed a significant increase in profitability in comparison to 2018, finishing the year with an 11.54% uplift. We continued to strengthen our balance sheet, with a significant increase in liquidity, which has prepared us well for dealing with the issues surrounding COVID-19.”
Conister Bank continues to perform with profits of £2.6 million before tax which is an increase of 18% compared to last year. Total assets have grown by 28.7% to £245.7 million.
Douglas Grant, Managing Director of Conister Bank, commented on the Bank’s performance, “2019 was another year of progress for Conister Bank, continuing our positive momentum across our major markets. Advances during the year more than doubled the level achieved just two years ago, with lending £51.7 million ahead of last year at £153.8 million.
We are proud to be the island’s only independent community bank and we will continue to stand fast and support local businesses, their employees and their families.”
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