Manx Financial Group PLC 2015 Full Year Profit Increases by 34%
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Manx Financial Group PLC 2015 Full Year Profit Increases by 34%
Jim Mellon, Executive Chairman and well known investor, commented:
“I am pleased to announce that we have secured a record Profit Before Tax for 2015, increasing by 34% to £2.3 million, providing a Return on Equity of 17.3% which, in relative terms to the UK banking sector, is extremely high."
Financial Highlights at a Glance
|
Profit before tax: |
£2.3 million – up 34% |
(2014: £1.7 million) |
|
Net profit for the year: |
£2.1 million – up 32% |
(2014: £1.6 million) |
|
Net interest income: |
£14.6 million – up 34% |
(2014: £10.8 million) |
|
Loans: |
£101.4 million – up 13% |
(2014: £89.3 million) |
|
Total assets: |
£130.0 million – up 9% |
(2014: £119.5 million) |
|
Customer deposits: |
£106.3 million – up 6% |
(2014: £100.3 million) |
|
Earnings per share: |
2.06 pence – up 32% |
(2014: 1.56 pence) |
Manx Financial Group PLC, the LSE AIM listed Isle of Man based financial services group, announced its 2015 full year results on Thursday 3rd March. The Manx based business employs 60 staff at its Victoria Street HQ and is majority owned by Manx residents. Last year, the Group contributed more than £10 million to the Island’s economy.
Manx Financial Group PLC, which includes Conister Bank Limited - the only independent bank on the Island and Edgewater Associates Limited - the leading independent financial advisor, recorded a 32% increase in net profit to £2.1 million for the year ending 2015 - an improvement of over half a million pounds on the previous year.
Conister Bank’s new lending increased by 13% to £101.4 million, leading to a 34% rise in interest income to £17.6 million. The Bank’s Managing Director, Juan Kelly, stated:
“We are delighted with the continued growth in profitability, particularly against the background of issues that the banking sector is confronting. I’d like to thank our staff and customers for helping to build Conister Bank into a major contributor to the local economy. Our mission is to make a positive difference to the Island. We believe that this valued based approach is the way forward for the industry. ”
Edgewater Associates’ profit contribution improved, and reports a positive outlook for 2016. Sandra Cardwell, Edgewater Associates’ Managing Director, commented:
“Our growth is customer service driven and we remain committed to being the Island’s market leader for the provision of independent financial advice. We have a strong, professional and well qualified team which can offer personalised wealth, protection and pension solutions to both individuals and businesses. With over 20 years’ experience, we have an unrivalled degree of understanding of the Isle of Man market and this has helped secure the financial future of our customers.”
For more information on Manx Financial Group PLC’s 2015 financial results please visit www.mfg.im.
