Arbuthnot Banking Group PLC – Half Year Results

Arbuthnot Banking Group PLC – Half Year Results

Arbuthnot Banking Group is pleased to announce a half yearly profit before tax of £2.9m compared to £1.2m in the prior year.

 

Arbuthnot Banking Group PLC is the holding company for Arbuthnot Latham & Co., Limited.

 

FINANCIAL HIGHLIGHTS

 

·      Profit before tax £2.9m (H1 2018: £1.2m)

·      Underlying profit before tax £3.4m (H1 2018: £2.7m)

·      Earnings per share 16.6p (H1 2018: 21.7p)*

·      Interim dividend per share increased to 16p (H1 2018: 15p)

·      Net assets per share £13.21 (H1 2018: £15.40)*

 

OPERATIONAL HIGHLIGHTS

 

·      Customer loans £1,275m (H1 2018: £1,097m), increased by 16%

·      Customer deposits £1,829m (H1 2018: £1,547m), increased by 18%

·      Assets Under Management £1,029m (H1 2018: £1,069m), decreased by 4%, but was up 4.5% compared to December 2018

·      Capital raising activities have secured £39.5m of regulatory capital

·      Agreed the purchase of £266m Residential Mortgage portfolio expected to complete on 8 August 2019

 

Commenting on the results, Sir Henry Angest, Chairman and Chief Executive of Arbuthnot, said: “The Group has had a good start to the year. We have raised new capital, grown our existing businesses and continued to deliver on our plans to diversify. We have also agreed to buy a mortgage portfolio which should help to improve the returns of the Group.”

 

* The Group recognised a net loss of £25.7m on derecognition of the Secure Trust Bank (“STB”) as an associate undertaking during the second half of 2018, which has been treated as a discontinued activity in the 2019 Interim Accounts.

 

The interim results are available at http://www.arbuthnotgroup.com.

 

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