Business
Interim Results for six month
Interim Results for six month.
About this update from Manx Financial Group Plc
[{"type":"text","content":"\n RNS Number : 8445S Manx Financial Group PLC 17 September 2010 \n \n\n \n \n7.00am 17 SEPTEMBER 2010\nManx Financial Group PLC \nUnaudited Interim Results for the 6 months ended 30 June 2010\n \nManx Financial Group PLC (\"MFG\" or \"the Group\") is pleased to announce its financial results for the six months ended 30 June 2010. The Group comprises Conister Bank, the banking division that was formed in the Isle of Man in 1935 which specialises in providing finance for personal and business use, and Conister Card Services, the prepaid card division formed in 2006.\nHighlights \nFor the Group:\n· The consolidated results continued to improve to the best 6 month financial performance since re-structuring by posting a much reduced loss of £0.3 million (June 2009: loss of £1.8 million).\n· Conister Bank Limited, the Group's earnings driver, returned to profit.\n· Conister Card Services continued profitable growth.\n· Successfully raised £3.6 million of regulatory capital and cancelled £0.5 million of expensive debt.\n· Improved the consolidated cost to income ratio by 26.7% compared to the first half of 2009.\n \nFor Conister Bank Limited:\n· Financial performance enhanced as the Bank recorded a half year profit of £0.1 million (2009: a loss of £0.6 million).\n· With a Risk Asset Ratio of 20.9% (June 2009: 17.8%) and a Tier 1 capital ratio of 23.1% (June 2009: 18.2%) the Bank's capital position improved. These figures exclude the additional regulatory capital raised by the over-subscribed General Offer which would add another 2.7% to the reported Risk Asset Ratio.\n· Following a review of the Bank's historic underwriting and collection processes the level of specific provisions was decreased by £0.5 million.\n· Good growth in asset backed lending of £11.3 million (2009: £7.0 million), 61.3%, in the first half of the year.\n· Significant new lending contracts have been committed with a further pipeline in development.\n· The Bank continues to have no exposure to the sub-prime se...