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9 Aug 2013 07:00
Manchester Building Society Results for the Half Year Ended 30 June 2013
Manchester Building Society Group ("the Society") today releases its financial results for the half year ended 30 June 2013.
Key points
Profitability
The Society has reported a solid, profitable start to the year. Its half year profit for before tax was £1,623k (2012 restated: loss £825k).
An organisational restructure during the first six months of 2013 now sees the Society well positioned in its core business areas of mortgage lending and retail deposit taking, with a reduced level of administrative overhead and forecasting a robust level of full year profitability.
Board appointments
Further, the Society is also announcing the appointment of Harold Baines and Ian Dewar as non executive directors with effect from September 2013.
David Harding, Chairman of the Society, said:
"I am pleased to report that the Society has delivered a robust level of profitability for the first half of 2013, even after accommodating exceptional restructuring costs, as this demonstrates a sound underlying trading position.
The appointment of Harry and Ian will further strengthen the Society's Board and I look forward to working closely with them.
The Board's continuing focus will be serving our members as effectively as possible within the constraints of the current low interest rate environment by offering as comprehensive a range of savings and mortgage products as possible."
Enquiries
Chris Gee 0161 923 8023
Finance Director
Key Financial Information
unaudited 6 months to 30 June 2013 £M | unaudited 6 months to 31 June 2012 £M restated
| audited 12 months to 31 December 2012 £M
| |
Net interest income | 6.2 | 6.1 | 11.8 |
Other income and charges | 0.1 | 0.4 | (0.4) |
Total Income Fair value movement on swaps | 6.3 2.3 | 6.5 (2.0) | 11.4 (4.2) |
Swap net interest costs Administrative expenses | (2.5) (3.8) | (2.0) (2.7) | (4.1) (4.9) |
of which: classified as exceptional: | (1.1) | ||
Impairment losses
| (0.6) | (0.6) | (0.5) |
Profit for the period before taxation | 1.6 | (0.8) | (2.3) |
Taxation | (0.4) | 0.2 | (0.4) |
Profit after tax | 1.2 | (0.6) | (2.7) |
| |||
Total Assets | 764.3 | 800.6 | 780.1 |
Retained earnings | 7.0 | 8.7 | 6.2 |
Permanent Interest Bearing Shares | 14.8 | 14.8 | 14.8 |
Profit Participating Deferred Shares | 17.6 | . - | . - |
Total Equity | 39.4 | 23.5 | 21.0 |
Notes to Editors:
·; Manchester Building Society is the UK's 18th largest building society, ranked on the basis of group assets.
·; Based in Manchester City Centre, the Society has over 27,000 investing members and 5,400 borrowing members.
·; Manchester Building Society regularly features in the "best buy" tables for its mortgage and retail savings products.
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