Arbuthnot Banking Group PLC Arbuthnot Banking Group 3Q Trading Update (2386T)
October 11 2017 - 2:00AM
UK Regulatory
TIDMARBB
RNS Number : 2386T
Arbuthnot Banking Group PLC
11 October 2017
FOR IMMEDIATE RELEASE
11 October 2017
Arbuthnot Banking Group PLC
Third Quarter Trading Update
Arbuthnot Banking Group PLC ("Arbuthnot", "ABG" or the "Group")
today issues an update of trading for the three months to 30
September.
The Group has continued to make good progress during the
quarter.
Overall the lending pipeline remains strong, with aggregate
volumes of written loans 75% higher than at the same time in the
prior year.
As the Commercial Bank is a new business, its repayment cycle is
not yet at maturity, so its loan book continues to grow in line
with new business volumes. As highlighted in the Group's interim
results, the Private Bank with its more mature loan book, has
experienced a steady flow of loan repayments. This trend has
continued in the quarter as older loans have been successfully
repaid, leading to a lower level of loan book growth. Overall the
loan portfolio is 33% higher than the prior year.
The Term Funding Scheme ("TFS") remains open for banks to access
cheaper liquidity. This has manifested itself in the deposit
markets where customer rates continue to fall. The overall cost of
funds for Arbuthnot Latham has fallen by 30% from the prior year to
a blended rate of 0.49%.
As part of its long held strategy, the Group remains active in
developing new businesses to diversify its sources of income.
Following positive feedback from potential investors, the
Commercial Bank is investing in infrastructure to launch a
commercial property fund. The Group is also in active dialogue with
management teams, which should, during the course of 2018, further
assist the business in continuing its strategy of diversifying its
asset base and earnings.
Note: Arbuthnot Banking Group remains an 18.6% shareholder in
Secure Trust Bank PLC. Its investment is treated as an Associated
Undertaking.
Enquiries:
Arbuthnot Banking Group 0207 012 2400
Sir Henry Angest, Chairman and Chief Executive
Andrew Salmon, Group Chief Operating Officer
James Cobb, Group Finance Director
Stifel Nicolaus Europe Ltd trading as KBW (Nomad and Joint
Broker) 0207 710 7600
Robin Mann
Gareth Hunt
Stewart Wallace
Numis Securities Ltd (Joint Broker) 0207 260 1000
Chris Wilkinson
This information is provided by RNS
The company news service from the London Stock Exchange
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