Conister Bank’s parent company Manx Financial Group PLC has announced a 43% growth against the same period last year.
Profits at the locally based financial services group, which includes Conister Bank Limited, Edgewater Associates Limited and Manx FX Limited, have significantly increased in their latest published results.
Manx Financial Group PLC’s interim results were published this week.
Jim Mellon, executive chairman, said: ‘I am pleased to report that the half year continues our progressive growth in profitability and puts us well on the road to the realisation of our strategic objectives. For the first six months of 2018, our profit before tax stands at £1.4 million representing a growth of just over 43% against the same period last year’.
Conister Bank continues to perform with profits of £1.6 million before tax which is an increase of 78% compared to last year. Overall total assets have grown by 16% to £194.8 million.
Douglas Grant, managing director of Conister Bank, commented on the Bank’s performance: ‘I am delighted to be able to report such a positive set of results, and I would, once again, like to thank all our employees for their hard work and their contribution to yet another period of strong performance for the Bank and the Group.
Lending to Isle of Man residents and businesses has reached record levels especially loans to local small and medium-sized enterprises. Mr Grant added: ‘As the island’s only independent bank we are committed to designing products that our Manx customers need, while ensuring we remain the bank lender of choice.
‘Contributing factors to the Bank’s success have been the implementation of a new deposit system and the development of its lending system to allow for on-line loan applications on a 24/7 basis. Both these initiatives are designed to introduce a level of automation in our operations to allow us to successfully compete with our peers in providing enhanced customer service.
‘Importantly, we continue to invest further in our risk management and compliance functions to maintain the levels of monitoring and control required as our operations expand’.