Manx Financial Group PLC, the London Stock Exchange AIM listed Isle of Man based financial services group, has announced its 2015 full year results.
The Manx based business employs 60 staff at its Victoria Street HQ and is majority owned by Manx residents.
Last year, the Group contributed more than £10 million to the island’s economy.
Manx Financial Group PLC, which includes Conister Bank Limited - the only independent bank on the island and Edgewater Associates Limited - a leading independent financial advisor, recorded a 32 per cent increase in net profit to £2.1 million for the year ending 2015 - an improvement of more than half a million pounds on the previous year.
Jim Mellon, executive chairman and leading investor, said: ‘I am pleased to announce that we have secured a record profit before tax for 2015, increasing by 34 per cent to £2.3 million, providing a return on equity of 17.3 per cent which, in relative terms to the UK banking sector, is extremely high.’
Conister Bank’s new lending increased by 13 per cent to £101.4 million, leading to a 34 per cent rise in interest income to £17.6 million.
The bank’s managing director, Juan Kelly, said: ‘We are delighted with the continued growth in profitability, particularly against the background of issues that the banking sector is confronting.
‘I’d like to thank our staff and customers for helping to build Conister Bank into a major contributor to the local economy.
‘Our mission is to make a positive difference to the island.
‘We believe that this valued based approach is the way forward for the industry.’
Edgewater Associates’ profit contribution improved, and reports a positive outlook for 2016.
Sandra Cardwell, Edgewater Associates’ managing director, said: ‘Our growth is customer service driven and we remain committed to being the island’s market leader for the provision of independent financial advice.
‘We have a strong, professional and well qualified team which can offer personalised wealth, protection and pension solutions to both individuals and businesses.
‘With over 20 years’ experience, we have an unrivalled degree of understanding of the Isle of Man market and this has helped secure the financial future of our customers.’
For more information on Manx Financial Group PLC’s 2015 financial results please visit www.mfg.im.
l At at a Glance:
Profit before tax: £2.3 million – up 34 per cent. (2014: £1.7 million)
Net profit for the year:
£2.1 million – up 32 per cent
(2014: £1.6 million)