Arbuthnot Banking Group PLC Third Quarter Trading Update (2422E)
October 17 2018 - 2:00AM
UK Regulatory
TIDMARBB
RNS Number : 2422E
Arbuthnot Banking Group PLC
17 October 2018
17 October 2018
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 2018.
The Group continued to make good progress during the quarter and
expects to deliver a full year profit in line with market
expectations, after adjusting for the change in accounting
treatment of the investment in Secure Trust Bank PLC, which as
announced will now be accounted for as a financial investment.
Customer Lending balances are 28% higher than at the same time
in the prior year and originations of new loans are 18% higher.
However, as previously stated, the Group remains committed to
maintaining its discipline in both credit underwriting decisions
and return on capital when extending credit.
The newly launched Asset Based Lending division continues to
develop ahead of the original business plan and has a strong
pipeline of new opportunities.
The Specialist Finance division has now completed the hiring of
its core team of six employees and is currently setting up its
operations based in Manchester. It is expected that it will write
its first deals toward the end of the fourth quarter or early
2019.
The Direct Deposits business has now completed its testing phase
and will soon commence an internal pilot offering with a public
launch planned to take place shortly afterwards. The business will
enable the Group to offer direct to market retail deposits.
Outside of this direct to consumer online offering, the Bank has
found strong demand for its other deposit products. As a result the
Bank now has record levels of surplus liquidity, which given the
upward trend in interest rates will become more important to the
profitability of the bank over time.
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
Stephen Westgate
Maitland (Financial PR) 0207 379 5151
Neil Bennett
Jais Mehaji
Sam Cartwright
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END
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