Arbuthnot Banking Group, the holding company of British private bank Arbuthnot Latham has announced half-yearly profits before tax of £2.9 million, over double last year’s figure of £1.2 million.

Arbuthnot Latham owns and operates Arbuthnot Commercial Banking and Renaissance Asset Finance, which it acquired in 2017.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The Group recorded an increase in customer loans of 16% and customer deposits of 18% in the first half of 2018. This is largely due to the Commercial Bank picking up loan requests of the private bank.

“The lending activities have migrated toward the Commercial Bank that contains specialist lenders better placed to underwrite the lending,” Arbuthnot Banking Group said in its H1 results.

The Group also announced the purchase of a residential mortgage portfolio earlier in July, worth approximately £266m in loan balances. The transaction is expected to complete on 8 August 2019.

Sir Henry Angest, chairman and chief executive of Arbuthnot, said the transaction, “should help to improve the returns of the Group.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We have raised new capital, grown our existing businesses and continued to deliver on our plans to diversify”.

Additionally, Arbuthnot’s private banking unit has seen an increase in new clients. “The level of new private clients joining the Bank has increased by 13% compared to the prior year, which has led to an increase in deposits balances to £1.04bn,” its results stated.

Despite this, assets under management at the Group decreased by 4% to £1,029m in the six months to 30 June 2019.

Arbuthnot also recognised a net loss of £25.7m on derecognition of the Secure Trust Bank, which has been treated as a discontinued activity. Arbuthnot previously held a 15.5% shareholding in Secure Trust Bank PLC.