Business
Trading Statement
Trading Statement.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 7654X Arbuthnot Banking Group PLC 16 January 2014 \n \n\n \nPRESS RELEASE\nFor immediate release\n \n16 January 2014\nArbuthnot Banking Group PLC\nPre-Close Trading Update\nArbuthnot Banking Group PLC (\"Arbuthnot\" or the \"Group\") today issues a pre-close trading update ahead of its preliminary results announcement for the year ended 31 December 2013 which is scheduled for 20 March 2014.\nThe Group continued to trade well in the fourth quarter and as a result it expects to report pre-tax profits in line with market expectations.\nRetail Banking\nSecure Trust Bank PLC (\"STB\") saw growth in all of its lending portfolios. It also has announced positive developments in its Retail Finance business, which include the agreement of a new five year contract with the Association of Cycle Traders and the renewal of a term contract with Evans Cycles. It is also making good progress with its season ticket proposition for both sports fans and rail commuters.\nSTB has continued to attract new fixed rate deposits of 3, 5 and 7 year terms.\nThe bank remains in a strong financial position as it continues to broaden its overall business.\nPrivate Banking\nArbuthnot Latham (\"AL\") experienced strong growth in its lending portfolio as it continued to be offered attractive opportunities. The investment made by the business to strengthen its private banking capabilities was evident in the growth in assets under management, which increased by 10% in the fourth quarter.\nThe bank remains well capitalised and highly liquid.\nOverall the Group has made significant progress during 2013 completing a number of transactions such as the sale and lease back of its new head office (by AL) and the sale of 580,000 STB shares to institutional investors. The Group continues to remain financially strong and positioned to take advantage of the opportunities that currently exist for both of its banks.\nNote: STB is also making a pre-close statement today which should be read in conjunction with this statement.\n-ENDS-\n \nEnquiries:\n\n\n\n\nArbuthnot Banking Group\nHenry Angest, Chairman and Chief Executive\nAndrew Salmon, Group Chief Operating Officer\nJames Cobb, Group Finance Director\nDavid Marshall, Director of Communications\n \n\n\n020 7012 2400\n\n\n\n\nCanaccord Genuity Ltd (Nominated Advisor)\nLawrence Guthri...