Hardman & Co Research Hardman & Co Research: Arbuthnot Banking Group (ARBB): 1H'21 results: a return to profitable growth 18-Aug-2021 / 07:15 GMT/BST

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Hardman & Co Research: 1H'21 results: a return to profitable growth

The key highlight from 1H'21 is that ABG is back on track. To quote from the Chairman's statement: "The growth trajectory of the loans .. should see the Group end the year with customer assets at the levels we had forecasted for 2021 prior to the pandemic". In contrast, today's share price is 1,055p, against 1,350p in January 2020. The accounts were complicated by gains on acquisition, bonus accruals, a property writedown, Dubai closure costs and a mortgage portfolio gain on sale. Adjusting for these, underlying profit was GBP1.6m. Importantly, the franchise is back to growth: loans 12% (9% organic) and deposits 12%, and gross inflows were 17% of opening AUM.

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1227194 18-Aug-2021

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(END) Dow Jones Newswires

August 18, 2021 02:15 ET (06:15 GMT)