Business
Interim Results
Interim Results.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n RNS Number : 1200Z Manx Financial Group PLC 16 September 2009 \n \n\n\n \n \nManx Financial Group PLC (Formerly Conister Financial Group PLC)\nUnaudited Interim Results for the 6 months ended 30 June 2009\n\nManx Financial Group PLC ('MFG' or 'the Group') is pleased to announce its financial results for the six months ended 30 June 2009. The Group comprises Conister Trust, the banking division that was formed in the Isle of Man in 1935 which specialises in providing finance for personal and business use, and TransSend, the prepaid card division formed in 2006.\nHighlights \nMFG, the Holding Company:\n\n• consolidated financial performance improved by £1.0 million as the half year loss attributable to the owners has reduced to £1.8 million (June 2008: loss of £2.8 million).\n • 22% improvement in the consolidated cost to income ratio compared with the first half year of 2008.\n • Group central costs have reduced by 49% to £0.7m compared with the first half year of 2008.\n • Company headcount reduced by 14% since December 2008 following a reorganisation of the Isle of Man operational processes.\nConister Trust Limited, the Bank:\n\n• strongly capitalised with a Risk Asset Ratio of 17.8% (December 2008: 17.6%) and a Tier 1 capital ratio of 17.1% (December 2008: 15.6%), higher than the UK's four leading retail banks.\n• Risk Weighted Assets managed down by 21%.\n• Ratio of loans to deposits has improved by 8.9% as funding position strengthened.\n• Loss before tax of £0.7 million (June 2008: loss of £0.1 million) mainly due to the lower interest rate environment, a prudent impairment provision policy and a provision for the Depositors' Compensation Scheme.\n• Headcount reduced by 14% since December 2008 following the closure of UK branch offices and a reorganisation of the Isle of Man operational processes.\n• New banking system was successfully implemented in July as planned and within budget.\nT...