View the article online at http://citywire.co.uk/wealth-manager/article/a741831
Arbuthnot profits up 25% on private banking performance
by David Campbell on Mar 20, 2014 at 10:20
Headline profits at Arbuthnot Banking Group rose 25% in 2013 to a total of £15.7 million, driven by a 266% increase in private banking profits from £2.1 million to £7.7 million.
While this was inflated by a gain on the sale and leaseback of its City headquarters, chair Henry Angest said this should not obscure the fact that ‘both banks have made good progress.’
The company will share some of the proceeds with a special dividend of 18p per share, increasing the annual total paid from 25p to 44p.
The big gains for the private client team helped compensate for a dip in headline profit at the retail-orientated Secure Trust Bank, from £17.3 million to £17.2 million.
Discretionary assets managed by private client division Arbuthnot Latham, head by former Wealth Manager coverstar James Fleming (pictured), grew 40% to £619 million over the year, a period which included the opening of the company’s first overseas branch in Dubai.
Deposits grew 5% to a total £521 million while its loan book grew 18% to £341 million.
‘We have substantially increased the net assets of the group and at the same time been able to pay shareholders a special dividend,’ added Angest.
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