2012 Loan Book Growth

RNS Number : 4906A

Manx Financial Group PLC

21 March 2013

 



Dated: 7.00am on 21 March 2013

Manx Financial Group PLC

(the 'Company')

2012 loan book growth of 19% expected

Manx Financial Group PLC anticipates that Conister Bank, its wholly-owned licensed banking subsidiary, will have grown its loan book to a total of £63 million by year-end December 2012 - representing an increase of 19% or £9 million. As one of only a handful of UK 'challenger banks', Conister Bank continues to extend distribution through a successful regional partnering strategy. The loan book continues to perform well in difficult conditions with arrears and write-offs firmly under control. The Company anticipates publishing its audited accounts for the year to 31 December 2012 in April 2013.

Conister Bank, with its full banking licence, has access to the Isle of Man's multi-billion pound deposit market. This access to liquidity, coupled with the reduced lending to SMEs by the main clearing banks, has created an opportunity for banks such as ours to provide corporate loans on very competitive terms.

Conister Bank's Managing Director, Juan Kelly notes: "Many profitable SMEs have been starved of credit in recent years. Our partnering arrangements mean that we can lend to help companies achieve their long term growth ambitions. We will continue to develop this distribution strategy aggressively throughout 2013. We have invested in upgrading both our staff and IT to service further growth in this market sector. With write-offs under 0.3% and arrears under 1.2%, we believe this to be a positive reflection on our underwriting skills, demonstrating that we have struck the right balance between growth and risk."

For further information, please contact:

Manx Financial Group plc Denham Eke/Juan Kelly Tel [phone]

Beaumont Cornish Limited Roland Cornish/James Biddle Tel [phone]

Britton Financial PR Tim Blackstone Tel + 44 (0) 7957 140416

 

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MSCURRNRONAOUAR