LONDON (Alliance News) - AIM-listed lenders Arbuthnot Banking Group PLC and Secure Trust Bank PLC Thursday reported double-digit growth in pretax profit in 2014, bolstered by stronger net interest income and stable charges taken for bad loans to customers.
Arbuthnot, which owns 51.9% of retail lender Secure Trust Bank as well as private bank Arbuthnot Latham & Co Ltd, said it made a GBP22.5 million pretax profit in 2014, up 43% from GBP15.7 million in the prior year.
That figure was bolstered by a strong year for Secure Trust Bank, which reported that pretax profit increased 52% to GBP26.1 million from GBP17.1 million.
The figures for Arbuthnot's private banking business, Latham, showed that pretax profit fell to GBP3.6 million from GBP7.7 million in 2013, when the number was boosted by a GBP6.5 million gain on the sale and lease back deal over the group's offices.
Arbuthnot said it is to pay a 27 pence per share dividend for 2014. The bank paid 44p paid for 2013, including a special dividend. Secure Trust increased its dividend to 68 pence per share from 62p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Secure Trust (STB)
Arbuthnot (ARBB)