Manx Financial Group PLC - Isle of Man-based financial services firm - Posts doubled profit as net interest income and net trading income grow faster than interest expenses.
"The group had its strongest half-year pre-tax profit for over a decade," Executive Chair Jim Mellon says.
Pretax profit in the six months to June 30 doubles to GBP2.3 million from GBP1.1 million a year prior. Net interest income grows 21% to GBP13.2 million from GBP11.0 million. Net trading income increases 30% to GBP11.5 million from GBP8.9 million.
Interest expense widens by 12% to GBP2.7 million from GBP2.4 million. Fee & commission expense narrows by 19% to GBP1.5 million from GBP1.9 million, as fee & commission income grows 6.2% to GBP2.5 million from GBP2.4 million.
"We are well positioned to grow both organically and through acquisition despite the challenging economic headwinds," says Executive Chair Mellon.
Current stock price: 9.40 pence, up 14% on Tuesday
12-month change: up 18%
By Tom Budszus; tombudszus@alliancenews.com
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Manx Financial (MFX)