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21 Oct 2010 07:00
ARBUTHNOT BANKING GROUP PLC
("Arbuthnot" or "the Group")
Update on Third Quarter Trading
21 October 2010
Arbuthnot Banking Group today issues an update on trading for the three months from 1 July 2010 to 30 September 2010.
Retail Banking
Secure Trust Bank performed well during the quarter, with good progress in motor finance and prepaid current account operations. Results for this quarter continued to be affected by the cost of carrying significant surplus deposits, despite reducing headline deposit interest rates, and by the costs associated with the restructuring of the management team. Paul Lynam was appointed as chief executive officer of Secure Trust Bank on 13 September 2010.
Private Banking
Arbuthnot Latham is trading strongly and is taking advantage of the opportunities created by market conditions to improve both its assets and its client base. Gilliat Financial Solutions, our structured products business, is continuing to progress.
Investment Banking
Market conditions deteriorated sharply in the third quarter, leading to difficult trading for Arbuthnot Securities. Commission income was also impacted by the general decline in market volumes.
Nevertheless, Arbuthnot Securities remains profitable for the year to date and the corporate finance pipeline for the fourth quarter is encouraging, although completion of transactions is, as ever, dependent on market conditions and other factors.
ENQUIRIES:
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Arbuthnot Banking Group |
020 7012 2400 |
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Henry Angest, Chairman and Chief Executive |
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Andrew Salmon, Chief Operating Officer |
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James Cobb, Group Finance Director |
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Hawkpoint Partners Ltd (Nominated Advisor) |
020 7665 4500 |
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Lawrence Guthrie |
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Sunil Duggal |
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Numis Securities Ltd (Broker) |
020 7260 1000 |
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Chris Wilkinson |
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Mark Lander |
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Pelham Bell Pottinger (Financial PR) |
020 7861 3881 |
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Dan de Belder |
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Zoë Pocock |
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