Arbuthnot Latham H1 pre-tax profit rises to £3.7m
Arbuthnot Latham, the private banking unit of Arbuthnot Banking Group, has posted pre-tax profit of £3.7m for the first half of 2015, a surge of 111% compared to £1.7m a year ago.
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The bank attributed the rise in pre-tax profit to hiring of additional private bankers over the past two years, which led to a substantial increase in new clients opening accounts.
The unit’s assets under management on 30 June 2015 stood at £701m, a rise of 23.8% from £566m a year ago. Customer deposits soared 30.7% to £770m from £589m in the previous year.
Overall, Arbuthnot Banking Group reported a pre-tax profit of £15.7m, an increase of 65% compared to £9.5m in the same period last year.
The group’s overall operating income was £79m, an increase of 38% compared with £57m in 2013.
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By GlobalDataArbuthnot chairman and CEO Sir Henry Angest said: "The Group has continued its profitable growth and as a result the Board has decided to increase the interim dividend. Both banks have detected an improvement in customer sentiment following the decisive result of the general election."
