StockMarketWire.com - Isle of Man and UK financial services company Manx Financial posted a fall in annual profit after it recorded higher loan impairments amid the Covid-19 pandemic.

Pre-tax profit for the six months through June fell to £1.01m, down from a profit of £1.42m on-year.

Impairments on loans and advanced to customers increased to £1.90m, up from £1.47m.

Still, Manx Financial said Isle of Man new business remained ahead of forecast, with 'minimal arrears and defaults'.

The company said its bank had achieved a new monthly lending record in June, beating pre-Covid outcomes and continued to have a robust pipeline.

It said the situation with its businesses in the UK was more complex as its customers experienced the effects of the economic down-turn, compounded by a fall in business confidence.

'Having started the year in great shape, we have undertaken a number of initiatives to minimise and respond to the demands of dealing with the effects of Covid-19 and are lucky to have a diverse range of financial services upon which we can rely,' executive chairman Jim Mellon said.


At 8:04am: [LON:MFX] Manx Financial Group PLC share price was +0.15p at 8.5p



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