British private bank Arbuthnot Latham recorded a profit before tax of £14.6m in 2018, a 33% increase from the previous year.

The results come on the back of Arbuthnot Group’s 2018 results which show a 172% pre-tax profit at the private bank’s parent company.

Profit before tax was £6.8m, against £2.5m the previous year. Return on deployed equity was 5.6% versus 4.2% in 2017.

Operating income increased by nearly a quarter, however, and net assets were down to £196m from £236m in 2017.

As well as Arbuthnot Latham, Arbuthnot Group owns a 15.5% shareholding in Secure Trust Bank PLC and operates Arbuthnot Commercial Banking and Renaissance Asset Finance, which it acquired in 2017. 

Sir Henry Angest, chairman and chief executive of Arbuthnot, said, “The Group has had another good year with further deployment of capital.

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“Diversity of earnings increased with good progress being made by the Commercial Bank, along with the launch of our new ventures, Asset Based Lending, Arbuthnot Direct and Specialist Finance.”

Arbuthnot Latham results

Customer deposits at Arbuthnot Latham increased 23% to £1,714m in 2018 and customer loads increased 17% to £1,225m.

However, assets under management fell 6% to £985m.

The private bank saw a change in leadership last year after Ian Henderson stepped down last April. He was replaced in July with Andrew Salmon.