Last checked at 21 Aug 2014 07:00
Manchester Building Society Group Results for the Half Year Ended 30 June 2014
Manchester Building Society Group ("the Society") today releases its financial results for the half year ended 30 June 2014.
Key points:
· Total income of £6.1m
· Profit before tax of £1.6m
· Profit after tax of £0.6m
A reduction in the Society's level of administrative overheads, following the organisational restructure in early 2013, had a favourable impact on profitability, and the Society remains well positioned in its core business areas of mortgage lending and retail deposit taking.
The profit before tax figure of £1.6m (2013: £1.2m restated) includes a full year's charge for the Financial Services Compensation Scheme Levy.
David Harding, Chairman of the Society, said:
"I am pleased to report that the Society has delivered a steady level of profitability for the first half of 2014.
The Society continues to serve its members as effectively as possible within the constraints of the current low interest rate environment."
Enquiries
Chris Gee 0161 923 8023
Finance Director
Key Financial Information
unaudited 6 months to 30 June 2014 £M | unaudited 6 months to 30 June 2013 £M restated
| audited 12 months to 31 December 2013 £M
| |
Net interest income | 5.9 | 5.8 | 14.4 |
Other income and charges | 0.2 | 0.3 | 0.5 |
Total Income | 6.1 | 6.1 | 14.9 |
Profit/(loss) on derivatives | - | 0.5 | (0.3) |
Net loss on financial assets designated at fair value through profit or loss |
(0.3) |
(0.8) |
(1.1) |
Total operating income | 5.8 | 5.8 | 13.5 |
Administrative expenses | (2.9) | (3.8) | (5.9) |
Operating profit before impairment and provisions | 2.9 | 2.0 | 7.6 |
Impairment losses | (0.7) | (0.3) | (8.7) |
Financial Services Compensation Scheme Levy | (0.6) | (0.5) | (0.5) |
Profit for the period before taxation | 1.6 | 1.2 | (1.6) |
Taxation | (1.0) | (0.3) | (5.5) |
Profit after tax | 0.6 | 0.9 | (7.1) |
Total Assets | 545.3 | 761.3 | 646.4 |
Total Equity | 23.5 | 31.5 | 23.2 |
Notes to Editors:
· Manchester Building Society is the UK's 19th largest building society.
· Based in Manchester City Centre, the Society has over 20,000 investing members and 3,600 borrowing members.