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17 Jul 2019 | 09:30

Arbuthnot Banking assets slip, but profits more than doubled in H1 amid increased loan activity

Arbuthnot Banking profits more than doubled in the first half of the year driven by increased activity in its loan business despite a fall in assets under management.

For the six months to 30 June 2019, profit before tax rose to £2.9m from £1.2m a year earlier, but earnings per share fell to 16.6p from 21.7p as the group recognised a net loss of £25.7m on derecognition of the Secure Trust Bank.

Customer loans rose 16% £1,275m for the half, and deposits rose 18% to £1,829m.

Assets Under Management fell 4% to £1,029m for the half from £1,069m last year, but was up 4.5% compared to December 2018.

The interim dividend per share was increased to 16p from 15p last year.

Looking ahead, the company said it expected to complete the purchase of £266m Residential Mortgage portfolio expected on 8 August. At 9:30am: (LON:ARBB) Arbuthnot Banking Group PLC share price was -5p at 1355p

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