Manx Financial Group’s profit before tax rose by an impressive 41% last year to £9.9 million up from £7million the previous year.

MFG is an AIM-listed company with a range of subsidiaries that provide financial services to both retail and commercial customers in the island and the UK.

Its subsidiary Conister Bank’s balance sheet also continues to increase, with total assets now standing at £474.1 million, with total equity increasing by 10.6% to £45.9 million.

A spokesperson for the Douglas firm said: ‘Focus on supporting customers in the Isle of Man and the UK remain central to Conister Bank’s mission.

‘Through robust deposit growth and responsible lending practices, Conister continues to demonstrate its commitment to supporting individuals and businesses across the island.

‘Conister Bank lends on average £1 million a week on island and £6 million a week in the UK.

‘This lending has driven a notable increase in loans and advances during 2024, reaching a record £366.1 million, which along with £91.1 million in cash and near cash assets demonstrates Conister’s continued financial strength.

‘With a legacy spanning over 90 years, Conister Bank remains proud of its long-standing support for the island’s community. The bank continues to build on this heritage by helping customers, businesses, and the local economy grow stronger together.’

Douglas Grant, group chief executive and Conister Bank managing director said: ‘These are significant results for Conister Bank and our other local businesses, Edgewater Associates Limited and MFX Limited, as individually and as a group we continue to invest in systems, service and people.

‘Our commitment to responsible growth includes setting aside provisions and maintaining disciplined financial controls. We remain well positioned for future growth despite this challenging economic environment.’

To recognise 2024’s strong performance, the MFG Board has proposed a 48.6% increase in dividends, totally totalling £0.810m.