Arbuthnot Latham, the private banking unit of Arbuthnot Banking Group, has reported pre-tax profit of £9.1m for the year ended 31 December 2016, a 51% surge compared to £6m a year ago.
The operating income increased 19% to £41.8m from £35.1m a year ago. Operating expenses soared 23% year-on-year to £36.6m.
The private bank’s assets under management as at 31 December 2016 were £920m, compared to £793m in 2015.
Arbuthnot Latham’s total capital ratio and core tier 1 ratio both stood at 12.3% in 2016.
Overall, Arbuthnot Banking Group’s profit for the year ended 31 December 2016 jumped to £228m from £27m in 2015. The bank attributed the surge in profit to the gain realised from the sale of Everyday Loans and Secure Trust Bank shares.
Arbuthnot Banking Group chairman and CEO Sir Henry Angest said: "This has been a momentous and highly profitable year for Arbuthnot Banking Group. We have completed a number of major corporate transactions which have transformed the Group and set it on a new path of development.
“The capital generated by these corporate transactions will allow Arbuthnot Latham to develop overtime into a more significant Private and Commercial Bank."
