Manx Financial Group PLC, the AIM listed Isle of Man based financial services group, announced its interim results on Tuesday 19th August.
The Group, which includes local businesses Conister Bank Limited and Edgewater Associates Limited, recorded a profit of ?255,000 for the first six months of the year, an improvement of ?822,000 on the same period for 2012. Conister Bank Limited, the Island’s only independent bank, grew 6 months earnings to over ?1 million with its loan book growing 23% to ?64.88 million. Overall, the Group’s financial highlights include a 367% increase on trading profit over 2012, a 44% increase in net interest income and a 23% increase in loans, instilling a degree of customer confidence which has resulted in an 18% increase in customer deposits.
The Group is Manx based and majority Manx owned with over 88% of its employees being Island residents. Last year the Group contributed nearly ?10 million to the Island’s national income, and embarked upon a cost reduction exercise aimed to complement significant growth in sustainable revenue.
Conister Bank’s Managing Director, Juan Kelly, stated: “Given the current evolution of the offshore banking sector here, more than ever the Isle of Man needs a strong domestic bank. We are committed to providing lending and deposit solutions to all of our community. Our success over recent months demonstrates the increasing demand from the Island’s small and medium sized businesses to secure flexible and responsive funding, which enables them to reinvest in their ventures and contribute further to the local economy. We feel this is best achieved through partnership with an organisation that possesses a detailed understanding of the Island’s economic subtleties and whose long term interests are fully aligned with those of the Isle of Man.”
Edgewater Associates Limited improved its financial performance with earnings increasing 7.6 times over the same period last year. Edgewater’s Sales Director, Sandra Cardwell 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, well qualified IFA team which is now complemented by our general insurance division, which can offer tailored insurance solutions to both individuals and businesses alike. This comes as part of a constant focus on service development and on identifying the needs of the Island’s residents through local knowledge and expertise. It is this degree of understanding that has secured our offering over recent years and which enables us to successfully adapt to the Island’s maturing economy.”
For more information on Manx Financial Group’s 2013 profile, visit www.mfg.im.
Photo - Sandra Cardwell (Managing Director, Edgewater).
