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Manchester Bld Soc (MBSR)

Manchester Bld Soc

Results for the Half Year Ended 30 June 2015
RNS Number : 5005X
Manchester Building Society
28 August 2015
 

Manchester Building Society Group Results for the Half Year Ended 30 June 2015

 

 

Manchester Building Society Group ("the Society") today releases its financial results for the half year ended 30 June 2015.

 

 

Key points:

 

·      Total income of £5.9m (2014: £5.7m)

·      Profit before tax of £2.0m (2014: £1.6m)

·      Profit after tax of £2.1m (2014: £0.6m)

 

The profit before tax figure of £2.0m includes profit of £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.

 

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.

 

 

David Harding, Chairman of the Society, said: 

 

"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"

 

 

 

Enquiries

 

Paul Gittins

0161 923 8023

Interim Finance Director

 

 

Key Financial Information


unaudited

6 months to

30 June 2015

£M

unaudited

6 months to

31 June 2014

£M

 

 

audited

12 months to

31 December 2014

£M

 

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

 

-

 

(0.3)

 

(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

 

 




Total Assets

465.4

545.3

508.7





Total Equity

28.9

23.5

27.1

 

 

 

 

Notes to Editors:

 

·      Manchester Building Society is the UK's 22nd largest building society.

·      Based in Manchester City Centre, the Society has over 17,000 investing members and 3,100 borrowing members.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

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