Local banking provider Conister Bank Limited has released positive interim results that show a continued growth on top of 2010’s encouraging figures. The headline figure of the results was the Bank’s profitability before goodwill impairment, which has risen by 53% from 2010’s figures. This positive news is accompanied by a large increase in both its deposits and loans. This continues an upwards trend in the Bank’s results over the last few years, which have remained firm through the economic downturn largely as a result of its local reputation and the trust that it has earned from Manx residents. Increases in both loans and deposits have driven this growth. The Bank’s loans and advances to customers have increased by 52%, as a result of both acquisition and greater market penetration, and the deferred income balance from these loans has increased by 59%. This represents more than a year’s income already earned. The deposit base has also increased substantially, and the Bank’s efficiency in acquiring deposits to match its lending requirements has improved, minimising the strain on the Income Statement of holding excess deposits. Douglas Grant, acting Managing Director of Conister, commented on the results: “These are obviously solid results, which everyone here is very proud of”. Mr Grant continued: “We are conscious of our privileged role on the island and we remain committed to providing lending solutions to both individuals and local businesses alike and will continue to provide attractive fixed term deposit rates for the island’s residents.” Conister Bank is a part of Manx Financial Group PLC, an independent banking group founded in 1935 and domiciled on the Isle of Man. ENDS