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Arbuthnot profits soar as it becomes bank-ier

Arbuthnot profits soar as it becomes bank-ier

Client assets at Arbuthnot Latham rose from £1 billion to £1.07 billion over the first half of the year with profits climbing 10% to £5.4 million, up from £4.9 million in the same period of 2017.

The bulk of that increase was driven by the bank’s core balance sheet however, with both cash deposits and lending rising sharply as it ramped up its geographical reach and began to tap corporate clients.

Its deposit base stood at £1.5 billion at the end of the period, up 25% on H1 2017, while its loan book stood at £1.1 billion, up 24% on the year.

Parent Arbuthnot Banking Group reported profit of £3.5 million, 39% up on the year. That figure includes estimated profit from consumer subsidiary Secure Trust Bank, which files numbers in August.

Chair and chief executive Sir Henry Angest (pictured) said: ‘The group has continued to develop. Given the continued growth and diversification of the group, I believe our long term prospects are encouraging.’

The company declared an interim dividend of 15p, from 14p in the previous year. Shares were flat on the day at £16.10, matching the record closing price hit early in July.

Arbuthnot Latham last week announced it had promoted its chief operating officer and head of business development Andrew Salmon to the post of chief executive, vacated in April by Ian Henderson, who stood down for personal reasons.

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