MFG Generates Strongest Group Profits in Over a Decade

MFG Generates Strongest Group Profits in Over a Decade

Conister Bank's parent company, Manx Financial Group PLC (“MFG”) has announced that the Group’s latest set of interim results are its strongest half-year pre-tax profits for more than a decade.

The financial services group, which includes, amongst other operating subsidiaries, Isle of Man companies, Conister Bank Limited, Edgewater Associates Limited and MFX Limited, reported profits for the six months ended 30 June 2022 of £2.3 million, more than 105% ahead of the same period last year.   Total assets increased by 12% to £317.7 million; deposits increased by 10% to £253.6 million and shareholder equity grew by 17% to £27.0 million. 

Douglas Grant, Managing Director at Conister Bank and MFG’s CEO, said “This is a solid set of results for the Group and lays the foundations for further growth despite the adverse economic climate.  We will continue to seek market share in recession resilient sectors, and we will continue to work with the Government and the British Business Bank to support our customers through these difficult times.” 

Recognising the part played by Conister Bank’s loyal Isle of Man depositors, he added, “providing market leading rates and market leading customer service levels to our community is ingrained in Conister.  The support of our depositors is something we never take for granted.”

To read the Interim results in full follow this link