CONISTER Bank Limited has released interim results which show a continued growth on top of 2010’s figures.

The headline figure of the results was the bank’s profitability before goodwill impairment, which has risen by 53% from 2010’s figures.  There was also a large increase in both deposits and loans.

“These are obviously solid results, which everyone here is very proud of”, said Douglas Grant, acting managing director.

The results reflect an upward trend in the bank’s performance over the last few years, which have remained firm through the economic downturn. Conister says the results are “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 the 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.

Mr Grant added, “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.