Conister, the island’s only independent bank, increased profit after tax by 123% to £2 million during 2017, against the previous year’s comparative figure of £0.9 million.

Backed by new loan advances of £73.7 million during the year, the total loan book stands at £123.4 million.

Customer deposits also increased by 13% to £142.3 million, ensuring that the Bank’s balance sheet is the strongest ever, with over £30.0 million of cash liquidity.

Responding to demand, Conister introduced a number of new products during the year.

These included an innovative personal contract purchase scheme for car loans, bridging loans to provide liquidity within the island’s housing market and an on-line dealer portal, providing near-instant decisions for loan applications.

Douglas Grant, appointed Conister’s managing director at the beginning of 2017, said: ’I am extremely proud of the outstanding performance we achieved in 2017.

’One of our major strengths remains our team and their commitment to customer service.

’All of our employees are island based and, where possible, we continue to promote from within and are always keen to recruit talented local people.

’Our prudent risk-management framework ensures that we have a near-perfect collections record and our new business pipeline bodes well for 2018.’

Edgewater Associates, now the island’s largest independent financial advisor, increased its profit after tax by 79% to £0.7 million, against the previous year’s comparative figure of £0.4 million.

Edgewater now services 10,000 clients and advises on funds in excess of £273.0 million.

Their insurance broking subsidiary increased gross written premiums to £0.8 million, 40% up on the previous year’s comparative of £0.5 million.

Sandra Cardwell, Edgewater’s managing director, said: ’The successful integration of our recent acquisitions and the opportunities provided by the changes in pensions legislation have had a positive impact on the range of planning advice that we are able to provide to our clients, without compromising the quality of our service.

’With the prospect of a longer retirement becoming a reality, preparing for the future becomes an even greater necessity. We employ the greatest number of fully qualified staff and their dedication to client satisfaction is, I believe, second to none.’

Overall, Manx Financial Group posted a total comprehensive profit of £2.4 million, up 150% on the previous year’s corresponding figure of £1.0 million.

The financial statements for 2017 are available on the Group’s website: www.mfg.im

Sandra Cardwell

Douglas Grant