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28 Aug 2015 14:51
Manchester Building Society Group Results for the Half Year Ended 30 June 2015
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Manchester Building Society Group ("the Society") today releases its financial results for the half year ended 30 June 2015.
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Key points:
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路 Total income of 拢5.9m (2014: 拢5.7m)
路 Profit before tax of 拢2.0m (2014: 拢1.6m)
路 Profit after tax of 拢2.1m (2014: 拢0.6m)
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The profit before tax figure of 拢2.0m includes profit of 拢745k following the sale of the Society's shareholding in New Life Home Finance Limited (NLHF) in April 2015, and a full year's charge for the Financial Services Compensation Scheme Levy.
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Mortgage assets have reduced by 8% since the end of 2014 as the Society has continued to reduce the scale of its operations as part of efforts to focus on capital strength.
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David Harding, Chairman of the Society, said:聽
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"I am pleased to report that the Society has continued to deliver profitable performance in the first half of the year following the sound performance in 2014"
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Enquiries
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Paul Gittins | 0161 923 8023 |
Interim Finance Director
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Key Financial Information
unaudited 6 months to 30 June 2015 拢M | unaudited 6 months to 31 June 2014 拢M 聽 聽 | audited 12 months to 31 December 2014 拢M 聽 | |
Net interest income | 4.9 | 5.5 | 10.7 |
Other income and charges | 1.0 | 0.2 | 0.4 |
Total Income | 5.9 | 5.7 | 11.1 |
Profit/(loss) on derivatives | - | - | - |
Net loss on financial assets designated at fair value through profit or loss | 聽 - | 聽 (0.3) | 聽 (0.3) |
Total operating income | 5.9 | 5.4 | 10.8 |
Administrative expenses | (3.4) | (2.9) | (6.1) |
Operating profit before impairment and provisions | 2.5 | 2.5 | 4.7 |
Impairment losses | (0.1) | (0.3) | - |
Financial Services Compensation Scheme Levy | (0.4) | (0.6) | (0.4) |
Profit for the period before taxation | 2.0 | 1.6 | 4.3 |
Taxation | 0.1 | (1.0) | 0.2 |
Profit after tax | 2.1 | 0.6 | 4.5 |
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Total Assets | 465.4 | 545.3 | 508.7 |
Total Equity | 28.9 | 23.5 | 27.1 |
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Notes to Editors:
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路 Manchester Building Society is the UK's 22nd largest building society.
路 Based in Manchester City Centre, the Society has over 17,000 investing members and 3,100 borrowing members.
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