Conister Bank’s parent company Manx Financial Group (MFG) PLC has announced a set of record-breaking financial results.

The Group's Profit Before Tax over the course of the 2023 financial year soared to £7 million - a 35% jump on the previous financial year.

According to the firm, the growth underscores Conister's ‘effective strategy’ and its pivotal role in driving MFG's profitability.

MFG also saw its balance sheet swell in 2023, growing by 26.7% to reach £480.7 million, a significant increase on the previous year’s figure of £379.2 million.

According to the MFG, the growth not only signifies a solid foundation but also reflects the group's potential for sustained expansion.

Conister Bank also achieved ‘unprecedented’ advances of £352.5 million, a 52% increase over the 2022 financial year’s £231.4 million.

Douglas Grant, Conister Bank’s Managing Director, and Group CEO said: ‘This year has been another landmark period for us, marking a continuation of our record-breaking success, for which I must extend my deepest gratitude to our dedicated team.

‘Their contributions have been the backbone of yet another highly successful year.

‘The substantial increase in our lending operations underscores our strong market position across both the island and the UK, serving as a clear affirmation of the deep trust our customers have in us.

‘This trust forms the cornerstone of our foundation, propelling us toward reaching even higher achievements in 2024 and the years to follow.’

Conister Bank Limited operates as an independent, licensed bank under the regulatory oversight of both the Isle of Man Financial Services Authority and the UK's Prudential Regulatory Authority and Financial Conduct Authority.

Founded in 1935, the firm has evolved over the years to offer a range of financial products, including deposit accounts, asset financing, personal loans, and financing for small to medium-sized enterprises, among other specialized secured credit services, catering to consumers and businesses in the Isle of Man and the UK.

As a fully owned subsidiary of Manx Financial Group PLC, which is listed on the AIM market of the London Stock Exchange (LSE:MFX), Conister Bank is part of a family of companies which deliver a suite of financial services to both retail and commercial clients in its markets

‘Our achievements are not just a measure of our financial performance but a reflection of our commitment to these values,’ Mr Grant added.

‘I look forward to continuing this journey, guided by our dedication to making a positive impact on the lives of our customers and the communities we serve.’

A spokesperson for MFG said its subsidiaries including, Edgewater Associates Limited, MFX Limited, Conister Finance & Leasing Ltd, Blue Star Business Solutions Limited, Manx Collections Limited, The Business Lending Exchange Limited, Ninkasi Rentals & Finance Limited, and Payment Assist Limited made significant contributions to the group’s success.

Last year, Conister Bank became the first bank on the Isle of Man in history to be approved for a UK branch deposit-taking licence.

The licence was granted by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), allowing it to accept deposits in the United Kingdom.

Conister says that the move has led to a considerable increase in both net interest income and operating income for the bank, which it says ‘demonstrates the strength of [its] diversified business model.’