Last checked at 15 Jan 2015 07:00
ARBUTHNOT BANKING GROUP PLC
PRE-CLOSE TRADING UPDATE
Arbuthnot Banking Group PLC ("Arbuthnot" or the "Group") today issues a pre-close trading update ahead of its preliminary results announcement for the year ended 31 December 2014 which is scheduled for 19 March 2015.
The Group continued to trade well in the fourth quarter and as a result it expects to report pre-tax profits in line with or above market expectations.
Retail Banking
Secure Trust Bank PLC ("STB") saw healthy growth in its lending portfolios, which resulted in the total loan book closing in excess of £600MN. Its consumer lending was led by Retail Finance and Motor, with new volumes being materially higher than the prior year. In particular the Retail Finance business saw an increase of 600% of business written on "Black Friday" compared to the same day in 2013.
STB has made significant progress in the development of its SME lending activities. It now provides Asset Finance, Invoice Finance and Real Estate Finance.
Conditions in the savings market remain favourable as the bank continues to see good inflows of deposits across its product offerings.
STB remains strongly capitalised and well-funded.
Private Banking
Arbuthnot Latham ("AL") continued to see strong growth in its core lending portfolio, which closed in excess of £400MN. This growth was supplemented by the purchase of the residential mortgage portfolio from the administrators of the Dunfermline Building Society, which was announced on 18 December 2014. This is the first step in further developing the market opportunities that exist for a well-funded and strongly capitalised bank such as Arbuthnot Latham.
Once again the Group has made significant progress during 2014. The Group strengthened its overall capital base in July, moved into its new head office in November and finished the year with in excess of £1BN of customer lending for the first time in its history.
Note: STB is also making a pre-close statement today which should be read in conjunction with this statement.
-ENDS-
Enquiries:
Arbuthnot Banking Group 0207 012 2400
Henry Angest, Chairman and Chief Executive
Andrew Salmon, Group Chief Operating Officer
James Cobb, Group Finance Director
David Marshall, Director of Communications
Canaccord Genuity Ltd (Nominated Advisor) 0207 665 4500
Sunil Duggal
Numis Securities Ltd (Broker) 0207 260 1000
Chris Wilkinson
Mark Lander
Bell Pottinger (Financial PR) 0203 772 2566
Ben Woodford
Dan de Belder