Update on Third Quarter Trading

RNS Number : 9440O

Arbuthnot Banking Group PLC

18 October 2012

 



                                                                                                                        For Immediate Release

PRESS RELEASE                                                                                            18 October 2012

 ARBUTHNOT BANKING GROUP PLC

Update on Third Quarter Trading

Arbuthnot Banking Group today issues an update on trading for the three months to 30 September 2012.

The Group has made steady progress during the third quarter with both banks trading well.

Retail Banking

Secure Trust Bank (STB) traded robustly during the quarter generating good growth in loan volumes across all of its lending portfolios. The acquisition of Everyday Loans (EDL) has been successfully integrated into the Group and has started to execute on its growth plans. The bank remains highly liquid with its recent deposit offerings being successfully filled within eight days of being launched. In September 2012 STB became the first bank in the UK to be awarded the Customer Service Excellence Award. This independent award was introduced by the Cabinet Office in 2010 to replace the previous Charter Mark.

Private Banking

Arbuthnot Latham continues to see attractive loan opportunities as the bank grows both its customer loans and deposits in a controlled manner. Prior to the announcement by the Government of its Funding for Lending Scheme (FLS), the bank had begun to experience an increasingly competitive market for retail funding. This will result in some compression of its customer margins for the remainder of the year.

As the disruption in the mainstream banks continues, Arbuthnot Latham has been able to recruit a number of senior executives, who will help to raise the profile of the bank in both the UK and overseas markets.

Note: Secure Trust Bank also today issued an update on trading for the same three month period. The two announcements should be read in conjunction with each other.

Enquiries:

Arbuthnot Banking Group PLC                                                       

Henry Angest, Chairman and Chief Executive                                        Tel:     [phone]

Andrew Salmon, Chief Operating Officer

James Cobb, Group Finance Director

David Marshall, Director of Communications                                         Tel:     [phone]

Canaccord Genuity Hawkpoint Limited (Nominated Adviser)        Tel:     [phone]

Lawrence Guthrie

Sunil Duggal

Numis Securities Limited (Broker)                                                   Tel:     [phone]

Christopher Wilkinson

Mark Lander

Pelham Bell Pottinger                                                                        Tel:     [phone]

Ben Woodford

Dan de Belder

 

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