DJ Arbuthnot Banking Group PLC Pre-Close Trading Update
RNS Number : 6874C
Arbuthnot Banking Group PLC
12 February 2020
12 February 2020
ARBUTHNOT BANKING GROUP PLC
Pre-Close Trading Update
Arbuthnot Banking Group PLC ("Arbuthnot" or "the Group") today issues a pre-close trading update ahead of its final results announcement for the year ended 31 December 2019, which is scheduled for 26 March 2020.
The Group continued to see good franchise growth during the fourth quarter of 2019 and as a result expects to announce full year pre-tax profits towards the upper end of the range of market expectations.
Overall, the Group increased its period-end customer loan balances by 31% on 2018 and deposits by 22% compared to 2018.
The planned diversification of the Group's loan book and income streams continued, with Arbuthnot Commercial Asset Based Lending and Arbuthnot Specialist Finance both making good progress in the quarter. Added to this, the Private Bank, Commercial Bank and Renaissance Asset Finance all continued to execute their individual strategies.
During the fourth quarter, the Group remained active in its lending markets but, as reported on 16 October in the Group's third quarter update, it was clear that the uncertainty created by the political situation resulted in a number of loan deals being delayed as borrowers waited to see the outcome of the general election.
Following the decisive election result, the Group has noticed an increase in the level of confidence in its markets and the pipeline across all business divisions has begun to improve.
The directors of the Company accept responsibility for the contents of this announcement.
Arbuthnot Banking Group 0207 012 2400
Sir Henry Angest, Chairman and Chief Executive
Andrew Salmon, Group Chief Operating Officer
James Cobb, Group Finance Director
Grant Thornton UK LLP (Nominated Adviser and 0207 383 5100
NEX Exchange Corporate Adviser)
Colin Aaronson / Samantha Harrison / Niall McDonald
Numis Securities Ltd (Joint Broker) 0207 260 1000
Shore Capital (Joint Broker) 0207 408 4090
Hugh Morgan / Daniel Bush
Maitland/AMO (Financial PR) 0207 379 5151
Neil Bennett / Sam Cartwright / Jonathan Cook
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(END) Dow Jones Newswires
February 12, 2020 02:00 ET (07:00 GMT)