Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a667663
Arbuthnot Group ups profit 147%
by David Campbell on Mar 21, 2013 at 09:10
Arbuthnot Banking Group has reported pre-tax profit up 147% in 2012 on solid growth in its Arbuthnot Latham private client division and soaraway growth at retail division Secure Trust Bank.
Group wide, the business reported profit of £12.6 million versus £5.1 million previously and earnings per share of 53p versus 33p loss in 2011.
Arbuthnot Latham reported profit before tax of £2.1 million versus £2 million previously, with lending up 21% at £289.3 million and a deposit base up 15% at £495 million. Discretionary assets under management grew 20% over the course of the year to reach £377 million.
Shares in the company were up 0.96% this morning at 921.25p.
Chair Henry Angest said: ‘Our cautious approach, during the exuberant times prior to the financial crisis in 2008, when we were criticised for our prudent approach to risk taking, has been vindicated.
‘As a result, we have emerged in a strong and robust position, which has enabled us to take advantage of the present market conditions
‘Both [retail and private client] businesses have invested in infrastructure, developed new products and reached out to more and more customers around the country.
‘But most importantly we have built high quality teams of people at all levels of the organisations that have the necessary experience and ambition to manage a larger bank.’
Angest also hailed a number of senior appointments made by chief executive and recent Wealth Manager coverstar James Fleming (pictured) since joining the company in March 2012.
The explosive top down growth was primarily due to the Secure Trust Bank retail division however, with pre-tax profit almost doubling from £9.1 million to £17.3 million.
The company, which listed just under 30% of its equity in 2011, expanded its lending base 92% over the year, with its deposit base up 47%. Total customer numbers grew from 145,000 to 232,000.
News sponsored by:
Today's top headlines
More about this:
Look up the shares
More from us
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
on May 24, 2013 at 11:32