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(Alliance News) - Arbuthnot Banking Group PLC on Wednesday reported solid trading in the quarter ended September, with new businesses doing well.
Renaissance Asset Finance ended September with lending balances of GBP101 million, 22% higher year-on-year, Arbuthnot said. Another new division, Arbuthnot Asset Based Lending, nearly quadrupled customer facilities to GBP106 million.
Arbuthnot's overall loan balances grew 33% in the quarter on the year before, now above GBP1.6 billion, while deposit balances grew 17%, passing to GBP2 billion mark.
The core lending business is looking at "a number" of new business opportunities, Arbuthnot said, but there has been a delay in the drawing down of loans provided due to Brexit uncertainty. Loan balances are as a result behind expectations, but Arbuthnot believes this is simply a timing matter.
The firm has over GBP300 million of surplus liquidity, it said, above regulatory requirements.
Chair & Chief Executive Henry Angest commented: "The group remains well positioned to continue its strategy of diversification of its lending and deposit raising capabilities and the deployment of the surplus capital.
"Our ability to maintain high levels of surplus liquidity has enabled us to take advantage of opportunities that present themselves over time, such as the acquisition of the mortgage portfolios. As a result of this and notwithstanding the current geo-political uncertainties, we remain confident of being able to continue to grow the businesses within the group."
Shares were 0.5% higher on Wednesday morning at a price of 1,070.00 pence each.
By George Collard; georgecollard@alliancenews.com
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