Last checked at 18 Oct 2012 07:00
For Immediate Release
PRESS RELEASE 18 October 2012
ARBUTHNOT BANKING GROUP PLC
Update on Third Quarter Trading
Arbuthnot Banking Group today issues an update on trading for the three months to 30 September 2012.
The Group has made steady progress during the third quarter with both banks trading well.
Retail Banking
Secure Trust Bank (STB) traded robustly during the quarter generating good growth in loan volumes across all of its lending portfolios. The acquisition of Everyday Loans (EDL) has been successfully integrated into the Group and has started to execute on its growth plans. The bank remains highly liquid with its recent deposit offerings being successfully filled within eight days of being launched. In September 2012 STB became the first bank in the UK to be awarded the Customer Service Excellence Award. This independent award was introduced by the Cabinet Office in 2010 to replace the previous Charter Mark.
Private Banking
Arbuthnot Latham continues to see attractive loan opportunities as the bank grows both its customer loans and deposits in a controlled manner. Prior to the announcement by the Government of its Funding for Lending Scheme (FLS), the bank had begun to experience an increasingly competitive market for retail funding. This will result in some compression of its customer margins for the remainder of the year.
As the disruption in the mainstream banks continues, Arbuthnot Latham has been able to recruit a number of senior executives, who will help to raise the profile of the bank in both the UK and overseas markets.
Note: Secure Trust Bank also today issued an update on trading for the same three month period. The two announcements should be read in conjunction with each other.
Enquiries:
Arbuthnot Banking Group PLC
Henry Angest, Chairman and Chief Executive Tel: 020 7012 2400
Andrew Salmon, Chief Operating Officer
James Cobb, Group Finance Director
David Marshall, Director of Communications Tel: 020 7012 2400
Canaccord Genuity Hawkpoint Limited (Nominated Adviser) Tel: 020 7665 4500
Lawrence Guthrie
Sunil Duggal
Numis Securities Limited (Broker) Tel: 020 7260 1000
Christopher Wilkinson
Mark Lander
Pelham Bell Pottinger Tel: 020 7861 3232
Ben Woodford
Dan de Belder