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Arbuthnot announces profit surge

Tom Belger | 07:30 Wednesday 18th July 2018

Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year.

Included in the profit figure for H1 2018 was an estimated income of £2.3m for Secure Trust Bank PLC being an associated undertaking.

The banking group also reported a 25% increase in customer loans to £1.1bn in H1 2018, compared with £879m in H1 2017.

During the first half of the year, Arbuthnot Latham & Co launched its asset-based lending division and the banking group has revealed plans to set up a specialist secured lending business.

Arbuthnot Specialist Lending will focus on providing short-term secured lending solutions to professional property businesses and entrepreneurs.

The new team will join the banking group on 1st August with a core of six employees.

It is expected to open for business in the fourth quarter of 2018.

Henry Angest, chairman and chief executive at Arbuthnot, said the group had continued to develop.

“The asset-based lending business has commenced trading ahead of schedule. 

“We have also reached an agreement with a management team to establish a specialist secured lending business.

“Given the continued growth and diversification of the group, I believe our long-term prospects are encouraging.”

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