Arbuthnot Banking Group – unaudited results for the six months to 30 June 2019
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.
