- Arbuthnot Banking said first-half profit fell sharply on-year as lower interest rates and loan loss provisions weighed on performance.

For the six months to 30 June 2020, pre-tax profit fell to £0.2m compared to £2.9m in the prior year.

Core equity tier 1 ratio, a key measure of performance fell to 13.9% from 14.4% reported at the end of December last year.

The Bank of England rate cut cost the group £2.7m in lost revenues and would remain an impediment to the medium-term performance of the company, until the lending portfolios can be fully repriced and lower rates were achieved across our customer deposits, the company said.

'The group will have to consult with the regulatory authorities before determining if it will be permitted to resume dividend payments when the final results for 2020 are announced,' it added.

At 10:12am: [LON:ARBB] Arbuthnot Banking Group PLC share price was -5p at 825p

Story provided by