Arbuthnot Latham, the private banking unit of Arbuthnot Banking Group, has reported pre-tax profit of £11m for the year ended 31 December 2017, a jump of 21% compared to £9.1m in the previous year.
Operating income at the division was £54.9m, a 31% surge from £41.8m last year. Operating expenses increased 29% year-on-year to £47.4m.
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The private bank’s assets under management were £1.04bn as at 31 December 2017, versus £919.8m a year earlier.
Overall, Arbuthnot Banking Group’s pre-tax profit for the year ended 31 December 2017 was £7m, compared to £0.2m in 2016.
Arbuthnot Banking Group chairman and CEO Sir Henry Angest said: “The Group had a good year, with profits increasing substantially, supported by the deployment of capital into the business. Arbuthnot Latham reached a creditable milestone of surpassing £1bn in its key business metrics: Customer Loans, Customer Deposits and Assets under Management.
“With a new banking system successfully installed, strong capital and a good liquidity surplus, the Group is well set for further growth.”
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By GlobalDataIn its annual results, the private bank also unveiled plans to launch an asset based lending business, which will be managed by a seven-member team based in Gatwick.
In addition, it also intends to introduce a commercial property investment fund for professional investors.
“These are new start-up ventures that in time should make strong contributions to the Group, but will require a degree of initial investment,” Angest stated.
