Business
Audited Final Results for the year to 31 Dec 2022
Audited Final Results for the year to 31 Dec 2022.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 30 March 2023\n \n \n For immediate release\n \n \n \n \n \n \n \n \n ARBUTHNOT BANKING GROUP (\"Arbuthnot\", \"the Group\" or \"ABG\")\n \n \n \n Audited Final Results for the year to 31 December 2022\n \n \n \n \n \n \n Profit growth accelerates path to \"Future State\".\n \n \n \n \n \n \n Arbuthnot Banking Group today announces its audited results for the year ended 31 December 2022.\n \n \n \n \n \n Arbuthnot Banking Group PLC is the holding company for Arbuthnot Latham & Co., Limited (\"Arbuthnot Latham\").\n \n \n \n \n \n \n FINANCIAL HIGHLIGHTS\n \n \n \n ·\n Profit Before Tax of £20.0m (2021: £4.6m)\n \n \n ·\n Operating income increased to £137.4m (2021: £88.7m)\n \n \n ·\n Earnings per share of 109.6p (2021: 45.2p)\n \n \n ·\n Final dividend declared increased by 3p to 25p (2021: 22p)\n \n \n ·\n Total ordinary dividend per share increased by 4p (11%) to 42p (2021: 38p)*\n \n \n ·\n Net assets of £212.0m (2021: £200.9m)\n \n \n ·\n Net assets per share of 1411p (2021: 1337p)\n \n \n ·\n CET1 ratio of 11.6% (2021: 12.3%) and total capital ratio of 14.0% (2021: 14.9%), significantly greater than the Group's minimum requirements\n \n \n ·\n Substantial surplus liquidity at the year end of £535m\n \n \n \n \n \n \n OPERATIONAL HIGHLIGHTS\n \n \n \n \n \n \n \n Arbuthnot Latham\n \n \n \n ·\n Profit before tax and group recharges of £32.9m (2021: £15.3m), an increase of 115%\n \n \n ·\n Average net margin at 5.1% (2021: 4.1%)\n \n \n ·\n Customer loans increased 10% to £2.2bn (2021: £2.0bn)**\n \n \n ·\n Customer deposits increased 9% to £3.1bn (2021: £2.8bn)\n \n \n ·\n Assets under management decreased 2% to £1.33bn (2021: £1.36bn) mainly due to market performance\n \n \n ·\n Successful implementation of a significant upgrade to the banking platform following 18-month project, improving resilience and agility\n \n \n ·\n Launch of new lending automation system improving the loan origination process for commercial and private clients\n \n \n ·\n Medium term \"Future State\" pre-tax return on capital objective achieved ahead of plan, with further ambitious targets introduced\n \n \n \n \n \n Commenting on the results, Sir Henry Angest, Chairman and Chief Executive of Arbuthnot, said: \"The Group made good progress in 2022 after investing ...