Arbuthnot Banking forecasts in-line results amid 'good' progress in Q3
Source - SMW
Arbuthnot Banking Group said Wednesday it expected to deliver full-year profit in line with market expectations following 'good' progress in the third quarter.
For the three months to 30 September, customer lending balances increased 28% and and new loan originations rose 18% from a year earlier.
The recently launched asset based lending division continued to develop ahead of the original business plan and had a 'strong' pipeline of new opportunities, the company said. While the newly completed specialist finance division was expected to write its first deals toward the end of the fourth quarter or early 2019.
With the direct deposits business completed, the company said it would look to offer direct-to-market retail deposits.
'The bank now has record levels of surplus liquidity, which given the upward trend in interest rates will become more important to the profitability of the bank over time,' said Arbuthnot.
At 10:09am: (LON:ARBB) Arbuthnot Banking Group PLC share price was -10p at 1365p