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MFG makes swings into profit

Manx Financial Group swung to a first-half pre-tax profit of £0.3 million, from a loss of £0.6 million. Net interest income totalled £3.7 million, from £2.5 million.

In a statement executive chairman Jim Mellon says, "The encouraging news is that this improvement was not solely driven by the cost reduction exercise we undertook last year but also, more importantly, by a significant growth in sustainable income."

Mr Mellon went on to say that both Conister Bank Limited and their Isle of Man based Independent Financial Advisor (IFA) subsidiary, Edgewater Associates Limited, delivered a much improved financial performance.



 

 

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