Private bank Arbuthnot Latham has registered a pre-tax profit of £16.2m ($19.3m) in 2019, a rise of 11% from £14.6m in the prior year.
Performance highlights
Average net margin stood at 4.2% last year versus 4.7% in 2018.
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Assets under management at the end of December 2019 reached £1.11bn, up 12% from £985m in the previous year.
Customer loans surged 31% to £1.6bn from £1.22bn over the period.
Written loan volume of £430m in 2019 was 8% lower than a year ago.
Arbuthnot chairman and CEO Sir Henry Angest also highlighted the market turbulence caused by Covid-19 and said that the firm will be unable to offer a detailed guidance in this scenario.
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By GlobalDataAngest stated: “Since the financial year end the global economy has been significantly impacted by the spread of the coronavirus and the drastic measures taken by governments to contain the outbreak. Every business will experience the effects of this, including Arbuthnot.
“We have taken immediate steps to protect our staff and all are now homeworking wherever possible, while our recent investment in technology has enabled us to remain in close contact with clients.
“In the short term, the cut in base rates will have a material impact on our profitability and while the removal of the countercyclical capital buffer will benefit us, it is difficult to provide any detailed guidance for the year.”
