Covid-19 fails to prevent growth at finance group

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Manx Financial Group PLC’s full year results were published last week and highlighted a successful year.

Jim Mellon, executive chairman, said: ’I am pleased to announce that the outcome for 2019 showed a significant increase in profitability in comparison to 2018, finishing the year with an 11.54% uplift.

’We continued to strengthen our balance sheet, with a significant increase in liquidity, which has prepared us well for dealing with the issues surrounding Covid-19.’

In the report Mr Mellon says that the group’s response to Covid-19 was ’carefully considered and professionally executed with the wellbeing of our staff, their families, and our customers being our principal concern’.

He added: ’We deployed our working from home strategy which has allowed the business to continue to function seamlessly for all of our customers.’

Mr Mellon said the bank, in conjunction with the island’s principal clearing banks, has worked very successfully with the Isle of Man Treasury in the provision of disruption loans to those businesses facing financial challenges. The report shows that Conister Bank has profits of £2.6 million before tax which is an increase of 18% compared to last year. Total assets have grown by 28.7% to £245.7 million.

Douglas Grant, managing director of Conister Bank, said: ’2019 was another year of progress for Conister Bank, continuing our positive momentum across our major markets. Advances during the year more than doubled the level achieved just two years ago, with lending £51.7 million ahead of last year at £153.8 million. We are proud to be the island’s only independent community bank and we will continue to standfast and support local businesses, their employees and their families.’


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