Business
Unaudited results for the six months to 30/06/2024
Unaudited results for the six months to 30/06/2024.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n\n23 July 2024\nFor immediate release\n \nARBUTHNOT BANKING GROUP PLC (\"Arbuthnot\", \"the Company\", \"the Group\" or \"ABG\")\nUnaudited results for the six months to 30 June 2024\n \n \nArbuthnot Banking Group PLC today announces a half yearly profit before tax of £20.8m.\n \nArbuthnot Banking Group PLC is the holding company for Arbuthnot Latham & Co., Limited.\n \nFINANCIAL HIGHLIGHTS\n \n\n\n\n\n●\n\n\nProfit before tax of £20.8m for the six months to 30 June 2024 (30 June 2023: £26.4m), as expected, as existing fixed rate deposits have continued to reprice onto higher terms as they are renewed.\n\n\n\n\n●\n\n\nUnderlying profit before tax of £20.8m (30 June 2023: £29.3m)*.\n\n\n\n\n●\n\n\nEarnings per share of 94.6p (30 June 2023: 129.4p; 31 December 2023: 222.8p).\n\n\n\n\n●\n\n\nCET1 capital ratio of 11.6% (30 June 2023: 12.2%; 31 December 2023: 13.0%) and total capital ratio of 13.6% (30 June 2023: 14.5%; 31 December 2023: 15.2%).\n\n\n\n\n●\n\n\nInterim dividend of 20p per share previously announced and already paid in June (30 June 2023: 19p per share).\n\n\n\n\n●\n\n\nSpecial dividend of 20p per share previously announced and already paid in June.\n\n\n\n\n●\n\n\nNet assets per share at 30 June 2024 of £15.75 (30 June 2023: £14.70; 31 December 2023: £15.47).\n\n\n\n\n \nOPERATIONAL HIGHLIGHTS\n \n\n\n\n\n●\n\n\nCustomer loans (including leased assets) increased by 3% to £2.40bn (30 June 2023: £2.25bn; 31 December 2023: £2.33bn) increased by 3% in the first half of the year, representing a 7% increase year on year.\n\n\n\n\n●\n\n\nSpecialist Lending Divisions' loan balances grew by 12% in the first half of the year, and 29% year on year to £861.1m (30 June 2023: £669.0m; 31 December 2023: £768.5m).\n\n\n\n\n●\n\n\nCustomer deposits of £3.9bn (30 June 2023: £3.3bn; 31 December 2023: £3.8bn), a 3% increase since the year end and a 19% increase year on year.\n\n\n\n\n●\n\n\nLower cost Commercial transactional deposits saw annualised growth of 19% to £1.14bn (30 June 2023: £0.96bn; 31 December 2023: £1.05bn), as the Group's strategy to grow these balances gathered momentum.\n\n\n\n\n●\n\n\nFunds under management and administration of £1.96bn at 30 June 2024 (30 June 2023: £1.38bn; 31 December 2023: £1.71bn), a 15% increase against 31 December 2023 and an increase of 43% year...