Arbuthnot Banking Group, based in the UK, earned half-yearly pre-tax profits of £9.5 million, a sharp increase of 368% compared to the same period in the previous year.
In addition, Arbuthnot Latham, the private banking arm of the group, also achieved a rise in pre-tax profit, reaching £1.7 million compared to the £1 million earned at the same point last year. Moreover, investment assets under discretionary management grew 32% from the prior year to £565.9 million.
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The results were attributed to the investment in senior and experienced banker and wealth managers having a positive impact on the business as well as fluidity in the market leading client to diversify and bring their business to Arbuthnot.
Henry Angest, chairman and chief executive, said: "The group has made good progress and, following the successful raising of £75m of new capital, is well placed to pursue the opportunities that exist in the banking industry."
