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Monday 06 April, 2020

Hardman & Co Research

Arbuthnot Banking Group (ARBB): 2019 results - resilience into the storm

Hardman & Co Research
Hardman & Co Research: Arbuthnot Banking Group (ARBB): 2019 results - resilience into the storm

06-Apr-2020 / 11:45 GMT/BST


Hardman & Co Research: 2019 results: resilience into the storm

To be resilient in an economic storm, a bank needs three things - low risk assets, strong capital and surplus deposits. ABG has all three. At end-2019, 55% of loans were in the private bank (significantly secured on sub-60% LTV residential properties) or the acquired mortgage book. Just 1.5% of the commercial loan book was on 80%+ LTV. The equity-to-assets ratio was 8% and total capital ratio, 17.3%. The regulators have reduced capital buffers - we estimate ABG has ca.£60m of surplus capital. There is surplus liquidity: deposits £2.1bn, loans £1.6bn. ABG announced an increased dividend but withdrew it following PRA market guidance.

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https://www.hardmanandco.com/research/corporate-research/2019-results-resilience-into-the-storm/

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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