Business
Update on Third Quarter Tradi
Update on Third Quarter Tradi.
About this update from Arbuthnot Banking Group Plc
[{"type":"text","content":"\n RNS Number : 1948B Arbuthnot Banking Group PLC 22 October 2009 \n \n\n\n\nArbuthnot Banking Group PLC\n\nUpdate on Third Quarter Trading\n\n\nAs indicated in the recent Interim Results, Arbuthnot Banking Group today announces an update on trading for the three months from 1 July 2009 to 30 September 2009. Trading during the period has been encouraging. The Group has been able to take advantage of its financial strength and its liquidity to invest in new opportunities created by the recent financial crisis. In the context of a fragile economy we remain cautiously optimistic about the outlook for the full year results of the Group.\n\nRetail Banking\n\nSecure Trust Bank carried its momentum into the third quarter. It completed the acquisition of a £21 million portfolio of instalment loans from Citigroup in August. Both this portfolio and the book of loans acquired from LV in February are performing according to our expectations and will make a positive contribution to full year profits. The roll-out of the Pre Paid Current Account announced with our interim results in July is progressing as planned. \n\nPrivate Banking\n\nArbuthnot Latham continues to maintain strong capital and liquidity ratios and it has traded profitably in the third quarter. Gilliat Financial Solutions, the structured product business that we started in June this year, began selling its first products to the IFA market in September. During the start up phase this business will inevitably have a negative impact on full-year earnings.\n \nInvestment Banking\n\nArbuthnot Securities was profitable in each month in the third quarter and enters the fourth quarter with an improved corporate finance pipeline. Secondary revenue in the third quarter was significantly ahead of the run rate achieved in the first half. \n\n\n\n\n\nEnquiries:\n\n\n\n\n\n\n\n\n\n\n\n\n\nArbuthnot Banking Group PLC\n\n\n Tel: 020 7012 2400\n\n\n\n\nHenry Angest, Chairman and Chief Executive\n\n\n\n\n\n\n\nAndrew Salmon, Chief Operating Officer\n\n\n\n\n\n\n\nJames Cobb, Group Finance Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nMaitland\n\n\n Tel: 020 7379 5151\n\n\n\n\nEmma Burdett\n\n\n\n\n\n\n\nRichard Farnsworth\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThis information is provided by RNSThe company news servi...