Business
Half Year Report
Half Year Report.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 8069U Arbuthnot Banking Group PLC 17 July 2018 \n\n17 July 2018\nFor immediate release\n \nARBUTHNOT BANKING GROUP (\"Arbuthnot\", \"the Group\" or \"ABG\")\nResults for the six months to 30 June 2018\n \n \nArbuthnot Banking Group announces a half yearly profit before tax of £3.5m compared to £2.5m in the prior year.\n \nIncluded 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.\n \nArbuthnot Banking Group PLC is the holding company for Arbuthnot Latham & Co., Limited and Secure Trust Bank PLC is an associated company.\n \nFINANCIAL HIGHLIGHTS \n \n· Profit before tax £3.5m (H1 2017: £2.5m)\n· Underlying profit before tax £4.2m (H1 2017: £3.2m)\n· Earnings per share £0.22 (H1 2017: £0.17)\n· Interim dividend per share increased to 15p (H1 2017: 14p)\n· Net assets £235m (H1 2017: £234m)\n· Net assets per share £15.40 (H1 2017: £15.33)\n \nOPERATIONAL HIGHLIGHTS\n \n· Customer loans £1,097m (H1 2017: £879m), increased by 25%\n· Customer deposits £1,547m (H1 2017: £1,234m), increased by 25%\n· Assets Under Management £1,069m (H1 2017: £1,001m), increased by 7%\n· Launched Asset Based Lending business, with first client loan funded in May 2018\n· Management team joining to set up a Specialist Secured Lending business\n \nCommenting 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.\"\n \nThe interim results are available at http://www.arbuthnotgroup.com. \n \n*The estimate for associate income is based on our 18.6% share of the after tax earnings of STB calcul...