StockMarketWire.com - Arbuthnot Banking Group posts reported pre-tax profits of £9.5m for the six months to the end of June - 368% up on last year.
The group said both its retail banking arm, Secure Trust Bank, an d private banking business, Arbuthnot Latham, continue to make good progress.
And the group says that with the completion of the £75m institutional placing of shares in Secure Trust Bank , Arbuthnot is well positioned for further growth.
Arbuthnot Latham reported a profit before tax for the half year of £1.7m (H1 2013: £1.0m), which reflects good momentum in the business. The investment in senior and experienced Bankers and Wealth Managers continued to have a positive impact in the development of a broader based business. There has also been a benefit from fluidity in the market that has seen many private banking clients seeking to diversify their existing relationships and move their business to Arbuthnot Latham.
Secure Trust Bank reported a profit before tax of £11.5m (H1 2013: £6.2m) with record underlying profits of £15.2m, an increase of 48%. The bank has continued to see strong demand for its loan products with the overall loan book closing at £447.8m, which is 22% higher than the prior year.
Group chairman and chief executive Henry Angest 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."
Story provided by StockMarketWire.com
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