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22 Oct 2009 07:00
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Arbuthnot Banking Group PLC
Update on Third Quarter Trading
As indicated in the recent Interim Results, Arbuthnot Banking Group today announces an update on trading for the three months from 1 July 2009 to 30 September 2009. Trading during the period has been encouraging. The Group has been able to take advantage of its financial strength and its liquidity to invest in new opportunities created by the recent financial crisis. In the context of a fragile economy we remain cautiously optimistic about the outlook for the full year resultsΒ of the Group.
Retail Banking
Secure Trust Bank carried its momentum into the third quarter. It completed the acquisition of a Β£21 million portfolio of instalment loans from Citigroup in August. Both this portfolio and the book of loans acquired from LV in February are performing according to our expectations and will make a positive contribution to full year profits. The roll-out of the Pre Paid Current Account announced with our interim results in July is progressing as planned.Β
Private Banking
Arbuthnot Latham continues to maintain strong capital and liquidity ratios and it has traded profitably in the third quarter. Gilliat Financial Solutions, the structured product business that we started in June this year, began selling its first products to the IFA market in September. During the start up phase this business will inevitably have a negative impact on full-year earnings.
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Investment Banking
Arbuthnot Securities was profitable in each month in the third quarter and enters the fourth quarter with an improved corporate finance pipeline. Secondary revenue in the third quarterΒ was significantly ahead of the run rate achieved in the first half.Β
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