Arbuthnot Banking (ARBB) has released its full year results for 2018, showing strong performance for the year.
Profits before tax were up to £6.8 million, almost triple from £2.5m in the prior year. It also reported operating income increasing 24% to £67.9 million.
It declared a final dividend of 20p per share, bringing its full year dividend to 35p a share, an increase from 33p in the prior year.
Arbuthnot Latham, its private banking division, reported profits increasing 33% to £14.6m. It revealed a 17% increase in customer loans to £1.225 billion, and average net margins increasing to 4.7%.
Share prices traded 4.2% higher at £13.55 a share following the release of results
While assets under management decreased 6% to £985m it launched a series of new businesses: Arbuthnot Asset Based Lending, Arbuthnot Specialist Finance and Arbuthnot Direct, to provide deposit products direct to the retail market.
Sir Henry Angest, Chairman and Chief Executive of Arbuthnot, said: "The Group has had another good year with further deployment of capital. Diversity of earnings increased with good progress being made by the Commercial Bank, along with the launch of our new ventures, Asset Based Lending, Arbuthnot Direct and Specialist Finance.”
“These new businesses should give the Group a strong basis from which to develop in the future."
56% of shares are held by Sir Henry Angest. Other major shareholders include institutions such as Liontrust Asset Managers, M&G Investments, Slater Investments & Miton Group.
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