News blog
Manx Financial Group
- BY: Andrew Hore |
- POSTED: 17/09/2010 |
Isle of Man-based Manx Financial Group has slashed its loss in the six months to June 2010.
Higher net interest income and lower costs have helped improve the outcome. However, the biggest benefit was a net write-back of provisions on loan assets of £324,000, compared with a £396,000 provision in the first half of 2009.
The overall loss has fallen from £1.81m to £289,000. There was still a cash outflow from trading operations. The net asset value was £7.51m at the end of June 2010.
Conister Bank returned to profit in the period and provisions were decreased. It is trying to maintain the quality of its loan book at the same time as growing.
Conister Card Services, a sponsor to prepaid card issuers, also moved into profit in the first half. At the end of June 2010, there were just over 101,000 cards in issue – double the number one year earlier. There is still scope to reduce the costs of this business.
The purchase of Isle of Man IFA Edgewater Associates was at the end of July.
The Isle of Man economy is expected to grow by 2.5% this year.
At 10.75p a share, Manx is valued at £9.48m.
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