Last checked at 26 Jul 2018 13:50
Hardman & Co Research Hardman & Co Research: Arbuthnot Banking Group (ARBB): 1H'18 results: continuing the good work 26-Jul-2018 / 13:50 GMT/BST Hardman & Co: 1H'18 results: continuing the good work ABG is delivering the strong profit and franchise growth that had been promised, with underlying profits rising from £3.2m in 1H'17 to £4.2m in 1H'18. We now forecast 2019 adjusted pre-tax profits of £15m (statutory £13m) against £7.6m in 2017 (statutory £7m). Loans and deposits were both up 25% on 1H'17, driving a 25% increase in income. Costs rose 24%, with heavy investment in new business lines, in addition to volume-related cost growth. Impairments fell. The group is well funded (loans £1.1bn vs. deposits £1.5bn), strongly capitalised (Tier 1 ratio over 15%) and clearly attractive to new teams bringing incremental skills. Please click here for the full report: http://hardmanandco.com/docs/default-source/company-docs/arbuthnot-banking-group-plc-documents/26.07.18-1h18-results-continuing-the-good-work.pdf
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