Business
Interim results for the six months to 30 June 2020
Interim results for the six months to 30 June 2020.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8805S\n Arbuthnot Banking Group PLC\n 14 July 2020\n \n \n \n \n 14 July 2020\n \n \n For immediate release\n \n \n \n \n \n ARBUTHNOT BANKING GROUP PLC (\"Arbuthnot\", \"the Company\", \"the Group\" or \"ABG\")\n \n \n Unaudited results for the six months to 30 June 2020\n \n \n \n \n \n \n \n \n Arbuthnot Banking Group PLC is pleased to announce a half yearly profit before tax of £0.2m compared to £2.9m in the prior year.\n \n \n \n \n \n Arbuthnot Banking Group PLC is the holding company for Arbuthnot Latham & Co., Limited.\n \n \n \n \n \n FINANCIAL HIGHLIGHTS \n \n \n \n \n \n · \n Profit before tax £0.2m (H1 2019: £2.9m)\n \n \n · \n Bank of England base rate reductions cost £2.7m\n \n \n · \n IFRS 9 provisions increase 19%\n \n \n · \n Capital surplus of £66m (31 December 2019: £72m), 147% of required capital \n \n \n · \n CET1 capital ratio of 13.9% (31 December 2019: 14.4%) and total capital ratio of 17% (31 December 2019: 17.3%)\n \n \n · \n Liquidity surplus in excess of £400m, more than double the minimum requirement\n \n \n · \n Earnings per share 0.9p (H1 2019: 16.6p)\n \n \n · \n Net assets per share £12.48 (H1 2019: £13.21; 31 December 2019: £13.64)\n \n \n \n \n \n OPERATIONAL HIGHLIGHTS\n \n \n \n \n \n · \n Customer loans £1,620m (H1 2019: £1,275m), increased by 27%\n \n \n · \n Customer deposits £2,207m (H1 2019: £1,829m), increased by 21%\n \n \n · \n Assets Under Management £1,074m (H1 2019: £1,029m), increased by 4%\n \n \n · \n Bank remained fully operational by implementing remote working plans\n \n \n · \n Accredited in June to provide Government supported Business Interruption Loans \"CBILs\" and \"BBLs\"\n \n \n \n \n \n Commenting on the results, Sir Henry Angest, Chairman and Chief Executive of Arbuthnot, said: \"I am pleased that the Group remained profitable during the first half of 2020 despite the exceptional twin challenges posed by the cut in base rate to historic low levels and the impact of the COVID-19 lockdown on economic activity. Since that time the Bank has responded positively to remote working and has continued to support all of its clients' needs. The Group's strong financial resources leave it in a good position to take advantage of the new opportunities that are likely to arise as business activit...