Arbuthnot Banking Group has reported pre-tax profit of £2.5m for the first half of 2017, compared to a loss of £2.4m in the year ago half.

Net interest income for the half year ended 30 June 2017 surged 62% to £19.26m from £11.88m a year ago, while operating income jumped 31% to £25.13m from £19.21m last year.

The group’s assets under management reached the £1bn mark at the end of June 2017, a surge of 26% over £797m reported a year ago.

Compared to the first half of 2016, the company’s customer loans jumped 34% to £879m and customer deposits increased 31% to £1.23bn.

Arbuthnot Latham, the group’s private banking arm, posted pre-tax profit of £4.9m for the first half of 2017, compared to £4.5m last year.

Arbuthnot chairman and CEO Sir Henry Angest said:  “The Group has made good progress in its plans to diversify, the Renaissance Asset Finance acquisition has been completed and the Commercial Banking business is gaining momentum. It is also pleasing to see customer deposits and assets under management pass the significant milestone of £1 billion for the first time. However, with uncertain economic and political times ahead we remain cautious in our decision making.”

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