Manx Financial Group - Rapid growth tempered by margin pressure
Manx Financial Group (MFX) posted record PBT of £3m supported by record new lending of £183m in H123. Conister Bank experienced margin compression of 6% as rising interest rates were passed on to savers more quickly than borrowers. However, group net interest margin (NIM) rose 1.5 percentage points y-o-y to 8.2% as Payment Assist (PAL, currently 50.1% owned) grew rapidly. Altogether, EPS fell to 1.67p/share from 1.89p/share, and net attributable profit declined by 11% y-o-y to £1.9m. The outlook for volume growth remains positive. The anticipated approval of a UK banking licence before year-end will add further funding flexibility into FY24 and the company continues to look for synergistic acquisitions, with general insurance an area of interest.Manx Financial Group is a holding company. Through its subsidiaries, Co. is engaged in the provision of asset and personal finance, investing activities and wealth management. Co. operates four product segments: Asset and Personal Finance (including provision of hire purchase contracts, finance leases, personal loans, commercial loans and block discounting); Litigation Finance; a Prepaid Card division, Conister Card Services; and a Wealth Management division. As of Dec 31 2012, Co. had total assets of £77,978,000 and total customer deposits of £62,731,000.
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