Last checked at 16 Jan 2014 07:00
PRESS RELEASE
For immediate release
16 January 2014
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 2013 which is scheduled for 20 March 2014.
The Group continued to trade well in the fourth quarter and as a result it expects to report pre-tax profits in line with market expectations.
Retail Banking
Secure Trust Bank PLC ("STB") saw growth in all of its lending portfolios. It also has announced positive developments in its Retail Finance business, which include the agreement of a new five year contract with the Association of Cycle Traders and the renewal of a term contract with Evans Cycles. It is also making good progress with its season ticket proposition for both sports fans and rail commuters.
STB has continued to attract new fixed rate deposits of 3, 5 and 7 year terms.
The bank remains in a strong financial position as it continues to broaden its overall business.
Private Banking
Arbuthnot Latham ("AL") experienced strong growth in its lending portfolio as it continued to be offered attractive opportunities. The investment made by the business to strengthen its private banking capabilities was evident in the growth in assets under management, which increased by 10% in the fourth quarter.
The bank remains well capitalised and highly liquid.
Overall the Group has made significant progress during 2013 completing a number of transactions such as the sale and lease back of its new head office (by AL) and the sale of 580,000 STB shares to institutional investors. The Group continues to remain financially strong and positioned to take advantage of the opportunities that currently exist for both of its banks.
Note: STB is also making a pre-close statement today which should be read in conjunction with this statement.
-ENDS-
Enquiries:
Arbuthnot Banking Group Henry Angest, Chairman and Chief Executive Andrew Salmon, Group Chief Operating Officer James Cobb, Group Finance Director David Marshall, Director of Communications
| 020 7012 2400 |
Canaccord Genuity Ltd (Nominated Advisor) Lawrence Guthrie Sunil Duggal
| 020 7665 4500 |
Numis Securities Ltd (Broker) Chris Wilkinson Mark Lander
| 020 7260 1000 |
Bell Pottinger (Financial PR) Ben Woodford Dan de Belder
| 020 7861 3917 |