Arbuthnot Banking Group (ARBB) Reports Substantial Profit Growth in 2023

Arbuthnot Banking Group (ABG) showcased significant growth in 2023, affirming the success of its strategy as a relationship-focused bank. The company announced a Profit Before Tax (PBT) of £47.1m, marking a more than double increase from £20.0m in 2022. Operating income rose to £178.9m from £137.4m the previous year, reflecting robust financial performance. Other key financial highlights included an average net margin improvement to 5.7%, Earnings Per Share (EPS) surge by 103% to 222.8p, and an increment in both net assets and Net Asset Value (NAV) per share to £252.4m and 1,547p, respectively.

Arbuthnot Banking Group also reported a healthy growth in customer deposits, up 21% to £3.8bn, and a 6% increase in loans to £2.3bn. Furthermore, Funds Under Management (FUM) saw a significant rise of 29% to £1.71bn. The bank continued to strengthen its capital adequacy, with the CET1 ratio reaching 13.0% and the total capital ratio at 15.2%.