Arbuthnot Banking Group announces a half yearly profit before tax of £3.5m compared to £2.5m in the prior year.
Included in the profit figure for the six months ended 30 June is an estimated* income of £2.3m for Secure Trust Bank PLC (“STB”) being an associated undertaking.
Arbuthnot Banking Group PLC is the holding company for Arbuthnot Latham & Co., Limited and Secure Trust Bank PLC is an associated company.
FINANCIAL HIGHLIGHTS
- Profit before tax £3.5m (H1 2017: £2.5m)
- Underlying profit before tax £4.2m (H1 2017: £3.2m)
- Earnings per share £0.22 (H1 2017: £0.17)
- Interim dividend per share increased to 15p (H1 2017: 14p)
- Net assets £235m (H1 2017: £234m)
- Net assets per share £15.40 (H1 2017: £15.33)
OPERATIONAL HIGHLIGHTS
- Customer loans £1,097m (H1 2017: £879m), increased by 25%
- Customer deposits £1,547m (H1 2017: £1,234m), increased by 25%
- Assets Under Management £1,069m (H1 2017: £1,001m), increased by 7%
- Launched Asset Based Lending business, with first client loan funded in May 2018
- Management team joining to set up a Specialist Secured Lending business
Commenting on the results, Sir Henry Angest, Chairman and Chief Executive of Arbuthnot, said: “The Group has continued to develop. The Asset Based Lending business has commenced trading ahead of schedule. We have also reached an agreement with a management team to establish a Specialist Secured Lending business. Given the continued growth and diversification of the Group, I believe our long term prospects are encouraging.”
The interim results are available at http://www.arbuthnotgroup.com.
*The estimate for associate income is based on our 18.6% share of the after tax earnings of STB calculated using the full year market consensus of the equity research performed on STB, with an assumed straight-line growth in profits over the first half of the year. STB is scheduled to announce its interim results on 8 August 2018. For the avoidance of doubt, ABG’s estimate for the income from STB is not an estimate being made on its behalf. The Group’s profit before tax, profit after tax and earnings per share therefore include this estimated income from STB.
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