Business
Unaudited results for the 6 months to 30 June 2023
Unaudited results for the 6 months to 30 June 2023.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n\n18 July 2023\nFor immediate release\n \nARBUTHNOT BANKING GROUP PLC (\"Arbuthnot\", \"the Company\", \"the Group\" or \"ABG\")\nUnaudited results for the six months to 30 June 2023\n \n \nArbuthnot Banking Group PLC today announces a half yearly profit before tax of £26.4m.\n \nArbuthnot Banking Group PLC is the holding company for Arbuthnot Latham & Co., Limited.\n \nFINANCIAL HIGHLIGHTS\n \n• Profit before tax increased to £26.4m for the six months to 30 June 2023 (30 June 2022: £3.4m).\n• Underlying profit before tax of £29.3m (30 June 2022: £10.7m)*.\n• Interim dividend declared of 19p per share (30 June 2022: 17p per share).\n• CET1 capital ratio of 12.2% (30 June 2022: 11.4%; 31 December 2022: 11.6%) and total capital ratio of 14.5% (30 June 2022: 14.0%; 31 December 2022: 14.0%).\n• Earnings per share of 129.4p (30 June 2022: 17.8p).\n• Net assets per share of 1470p (30 June 2022: 1300p; 31 December 2022: 1411p).\n \nOPERATIONAL HIGHLIGHTS\n \n• Customer loans (including leased assets) of £2.3bn (30 June 2022: £2.1bn; 31 December 2022: £2.2bn) increased by 2% in the first half of the year, and 7% year on year despite a tighter credit appetite.\n• Customer deposits of £3.3bn (30 June 2022: £2.8bn; 31 December 2022: £3.1bn), a 5% increase since the year end and a 16% increase year on year.\n• Assets under management of £1.4bn (30 June 2022: £1.3bn; 31 December 2022: £1.3bn), a 4% increase against 31 December 2022 and an increase of 6% year on year, driven by net inflows in the period.\n \nSUMMARY AND OUTLOOK\n \n• The Group continues to benefit from the business model it has established over many years, whereby the return to a more normalised Bank of England (\"BoE\") Base Rate brings increased revenue on both its lending and excess liquidity, which has contributed, alongside the execution of the Group's strategy, to a significant increase in profitability.\n• Interest rates paid on client deposits have been increased to reflect Base Rate incre...