Arbuthnot Latham, the private banking unit of Arbuthnot Banking Group, has posted pre-tax profit of £6m for the year ended 31 December 2015, a surge of 65% compared to £3.6m a year ago.
Operating income at the unit was £35.1m, up 21% compared to £28.9m a year ago, while operating expenses have increased by 24% to £29.7m as a result of the items noted above and also the full year impact of the hiring of new private bankers in the prior year.
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The unit’s assets under management on 31 December 2015 stood at £739m, a rise of 11% from £666m a year ago. Customer deposits increased 53% to £897m from £586m in the previous year.
Customer loans at the division grew 15% to £619m from £536m in 2014.
The Private Bank had a total capital ratio of 10.4% and a core tier 1 ratio of 10.4%. Total assets at the division reached £1bn in 2015.
Overall, Arbuthnot Banking Group reported a pre-tax profit of £34.2m, an increase of 52% compared to £22.5min the same period last year.
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By GlobalDataThe group’s overall operating income was £126.7m, an increase of 38% compared with £92m in 2014.
Arbuthnot chairman and CEO Sir Henry Angest said: "With the disposal of Everyday Loans we will have capitalised the future earnings of our highest risk lending and strengthened the Group’s resources to support future growth."
