Manchester Building Society 2019 Half Year Results (4781K)
29 Août 2019 - 8:00AM
UK Regulatory
TIDMMBSR TIDMMBSP
RNS Number : 4781K
Manchester Building Society
29 August 2019
Manchester Building Society Results for the 6 months ending 30
June 2019
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30-Jun-19 30-Jun-18 31-Dec-18
GBP000 GBP000 GBP000
Total operating income 3,917 4,742 8,929
Administrative expenses and
depreciation (2,547) (6,132) (10,185)
Operating profit/(loss) before
impairment 1,370 (1,390) (1,256)
Impairment losses (921) (245) 313
Financial Services Compensation
Scheme levy 5 6 6
Profit/(loss) for the period
before taxation 454 (1,629) (937)
Tax expense - - -
Profit/(loss) for the period 454 (1,629) (937)
---------- ---------- ----------
Total assets 262,341 289,427 277,385
6 months results summary:
- Profit of GBP0.5m compared with a GBP1.6m loss in the equivalent period in 2018.
- Total operating income of GBP3.9m was GBP0.8m lower than in H1
2018. GBP0.4m of the reduction related to one-off benefits in 2018
whilst GBP0.4m resulted from lower balances and higher funding
costs.
- Administrative expenses decreased by GBP3.6m compared with the
same period in 2018. The reduction in costs was largely a result of
lower fees in relation to the legal case against Grant Thornton
(UK) LLP. The H1 2018 figure included GBP2.4m paid to Grant
Thornton.
- Impairment losses in the period were GBP0.9m (H1 2018:
GBP0.2m) owing to provision requirements within the Spanish
lifetime portfolio.
- Total assets fell by 5% since 31 December 2018 and by 9% since 30 June 2018.
- The accounts for the 6 month period have been prepared on a
going concern basis of accounting and, in line with previous
accounts, set out a "material uncertainty" regarding the long term
future of the Society.
- As at 30 June 2019 the Society met its Pillar 1 plus Pillar 2A
requirement, but did not meet the qualitative standards for the
level of Common Equity Tier 1 ("CET 1") regulatory capital.
- Following the Society's CET 1 capital falling below the
required 4.5% of Risk Weighted Assets in 2018, a medium to long
term strategic plan was produced which was independently reviewed
and acknowledged by the PRA who agreed to monitor the Society
against it. The plan was updated in July 2019.
- The Society continues to have a strong liquidity position.
- The Society continues to discuss the strategic future and
capital position of the Society with the PRA.
Permanent Interest Bearing Share ("PIBS") coupon payments
October 2019
On 28 March 2019 the Society announced the non-payment of the
April 2019 coupon on its two tranches of PIBS. While no decision
has been taken regarding the October 2019 coupon, payment is
unlikely at this time. Any further non-payment of PIBS coupons will
be announced to the market.
2019 Half Year Financial Information
The accounts for the 6 months ending 30 June 2019 are available
to view on the Society's website:
http://manchesterbuildingsociety.co.uk/Main/FinancialInformation
Enquiries
Andy Donald - Maitland/AMO
020 7379 5151
adonald@maitland.co.uk
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END
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