ING group Arbuthnot remains cautious on the outlook for the rest of 2010 despite trading in line with expectations over the first four months of the year.
Arbuthnot chief executive Henry Angest confirmed that the bank’s performance over the period was ahead of last year’s results, with continuing strong lending opportunities for its private and retail banks, Arbuthnot Latham and Secure Trust Bank.
The group’s investment banking arm, Arbuthnot Securities, is trading profitably so far this year despite turbulence on the IPO market, with many firms struggling to get floats away successfully due to investor jitters.
Arbuthnot remains positive on the outlook for the remainder of the year, though Angest added: “Despite the outcome of the election, we still face uncertainty in what remains a fragile financial market; and so it is appropriate to be even more cautious than usual in making forward-looking statements.”
The firm reported a pre-tax profit of £5.1m last year, swinging back into the black from a £2.2m loss in 2008 at the height of the financial crisis. The results were boosted by a strong resurgence in investment banking, particularly in corporate finance advice and secondary fundraisings.