Profits at Conister have increased by 123 per cent in the last year.

The independent bank says profit after tax reached ?2 million – in 2016 it reached ?0.9 million.

Backed by new loan advances of ?73.7 million the total loan book stands at ?123.4 million.

Customer deposits also increased by 13 per cent to ?142.3 million – it means the company has over ?30 million in cash liquidity.

Managing Director Douglas Grant says: "I am extremely proud of the outstanding performance we achieved in 2017.

"One of our major strengths remains our team and their commitment to customer service.

"All of our employees are Island based and, where possible, we continue to promote from within and are always keen to recruit talented local people.

"Our prudent risk-management framework ensures that we have a near-perfect collections record and our new business pipeline bodes well for 2018."