Manx Financial Group: Edison
Banks - AIM - Mcap: £24m - Price: 20.5p - Update
Executing on a high-growth strategy
Manx Financial Group (Manx) posted record PBT of £7m, a 35% increase year-on-year. Manx benefited from strong volumes, a full year contribution from Payment Assist Limited (PAL) and a £1.9m gain on debt securities, which offset funding cost pressures from higher average interest rates. Alongside a 24% increase in lending to £362.7m, it maintained robust credit quality, with its cost of risk (CoR) decreasing by 20bp y-o-y to 1.3%. As a result, the group delivered a strong return on average equity (RoAE) of 16.4%, 50bp higher than FY22. In line with its 10% dividend payout policy, the group proposed a dividend of 0.4551p/share, up 21% on FY22. The approval of a UK banking licence in October is a major milestone for Manx to continue to pursue its growth strategy.
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Analyst
Rob Murphy
Financials analyst
financials@edisongroup.com
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