Manx Financial Group PLC, the AIM listed Isle of Man financial services group which includes Conister Bank Limited and Edgewater Associates Limited have reported its annual results for the year ended 31 December 2013.

Jim Mellon, Executive Chairman of Manx Financial, stated: “I am extremely pleased to report that the Group has returned to net profitability by recording a full year figure of nearly ?1.1 million. I would expect 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. This growth has been achieved without compromising credit quality as evidenced by the decrease in impaired loans. Much of this growth has been built on new distribution agreements that the Bank has signed over the last year.

Conister Bank’s Managing Director, Juan Kelly, explained: “In line with other jurisdictions, the Island’s banking market is undergoing a structural shift. The convergence of financial technology with stronger regulation is helping create a more level playing field in which a challenger bank such as Conister is able to access markets hitherto dominated by the big legacy institutions. We remain committed, where possible, to helping Manx businesses to grow by filling the financing gaps our borrowers are currently experiencing.”

Edgewater Associates, the Group’s local wealth management and general insurance subsidiary, continued its improved financial performance which Executive Director, Sandra Cardwell, commented:

“We work hard for our customers and invest in our people. Also, being part of a diversified group of companies allows us to draw on experience that is not readily available to other island based Independent Financial Advisors. We are well placed for future growth both organically and by consolidation, providing the right opportunity presents itself.”