UK’s Arbuthnot Banking Group has reported underlying pre-tax profit of £2m for the first half of 2016, a surge of 43% compared to £1.4m in the prior year.
The group’s overall profits increased to £225m from £12.7m a year ago.
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The bank attributed the surge in profit to the £100m gain made on the sale of its stake in Secure Trust and a £117m gain made on the sale of Everyday Loans to UK-based sub-prime lender Non-Standard Finance.
Customer loans increased 12.5% year-on-year to £657m from £584m, while customer deposits soared 22% to £940m from £770m.
At the end of the first half, assets under management were £797m, a rise of from 13.7% from £701m in the prior corresponding period.
Arbuthnot chairman and CEO Sir Henry Angest said: “The Group has completed two significant transactions this year, which have substantially increased its financial resources. We are well positioned to accelerate the growth of Arbuthnot Latham and also to invest in other opportunities that may arise given the current volatile economic environment.”
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