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Arbuthnot Banking Group (ARBB): 2020 interim re...
Arbuthnot Banking Group (ARBB): 2020 interim re....
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \n\n\nHardman & Co Research\n\n\n\nHardman & Co Research: Arbuthnot Banking Group (ARBB): 2020 interim results: credit robust, rate sensitivity20-Jul-2020 / 10:45 GMT/BST\n\n\nHardman & Co Research: 2020 interim results: credit robust, rate sensitivity\n\nTo be resilient, a bank needs three things - low risk assets, strong capital and surplus deposits. ABG has all three. The low-risk assets are reflected by the small percentage (and falling) Stage 2 and Stage 3 loans in the private bank as well as low loan to values. Surplus capital is now £66m and deposits exceed loans by £0.6bn. Profits before tax, though, fell from £2.9m to £0.2m as the decline in base rate squeezed margins (£2.7m cost) and with a £1m incremental COVID-19-related impairment. Our 2020 base-case scenario is now for a small loss (previously breakeven). The shares trade at 64% of NAV, implying value destruction to perpetuity.\n\nPlease click on the link below for the full report:\n\nhttps://www.hardmanandco.com/research/corporate-research/2020-interim-results-credit-robust-rate-sensitivity/\n\nIf you are interested in meeting the company, you can register your interest by clicking on the above link\n\n\n To contact us:\n\n Hardman & Co35 New Broad StreetLondonEC2M 1NH\n\n www.hardmanandco.com\n\n Follow us on Twitter @HardmanandCo\n \n \n Contact:\n\n Mark Thomas+44 20 7194 7622\n \n \n \n\n [email protected] \n \n Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.\n\nAbout Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case. \n\nHardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct ...