2nd Mar 2015 09:28
LONDON (Alliance News) - Manx Financial Group PLC Monday reported a jump in pretax profit in 2014, after strong growth in net interest income and net trading income helped to bolster the company's operating performance.
The financial services group, which is comprised of Conister Bank Ltd, Conister Card Services Ltd and Edgewater Associates Ltd, said it made a GBP1.7 million pretax profit in 2014, compared with GBP1.1 million in 2013.
Net interest income, effectively the difference between the interest received on money lent to customers and that paid to savers, rose by 31% to GBP10.8 million, as loans rose by 18% to GBP89.3 million, while net trading income rose by 13% to GBP7.3 million.
Executive Chairman Jim Mellon said that Manx Financial Group is in an "enviable position" to use technological advances that can help banks such as itself take on the traditional high street lenders in the UK and the Isle of Man, which tend to have branch networks and older IT systems.
"For banks, both borrowers and lenders alike benefit from a more immediate delivery. The time of fully staffed branch networks, ATMs and overseas call centres is running out," Mellon said.
The executive chairman said he expects profit to increase in the year to come, while also highlighting the group's continued search for "suitable potential acquisitions" for the banking and financial services divisions.
Manx shares were up 17% at 13.95 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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