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MFG returns to profit

Manx Financial Group have posted a profit of £1.1 million.

The AIM listed Isle of Man financial services group which includes Conister Bank Limited and Edgewater Associates Limited, reported its annual results for the yearended 31 December 2013 today.

Jim Mellon, Executive Chairman of Manx Financial says he's extremely pleased to report that the Group has returned to net profitability by recording a full year figure of nearly £1.1 million  .  . and he expects this trend of increasing profits to continue in the year to come.

Conister Bank continues to grow with interest income increasing by 37.8% to £10.8 million, driven by a 44.1% increase in new lending to £55.0 million. In turn, the net loan book grew by 29.4% to £75.7 million.

Edgewater Associates, the Group’s local wealth management and general insurance subsidiary, continued its improved financial performance and its claimed is well placed for future growth both organically and by consolidation, providing the right opportunity presents itself.

 

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