Deposits growth helps Arbuthnot raise profits

ARBUTHNOT Banking, one of Britain’s smaller financial services groups, posted a 24 per cent rise in annual pre-tax profits, helped by growth in customer deposits and loans.

Arbuthnot, whose activities include private and retail banking, reported pre-tax profits of £5.1m for the year ending in December, up from £4.1m last year.

The company, which listed its Secure Trust retail banking arm on the stock market last year and sold its Arbuthnot Securities broking division, also increased its dividend by 4.3 per cent to 24p.

Chairman and chief executive Henry Angest (pictured) said in a statement: “Following the successful listing of Secure Trust Bank and the sale of Arbuthnot Securities, the group has ended the year in a strong position to take advantage of new opportunities.”

Arbuthnot, which was founded in 1833, wants to develop its business in order to compete with the UK’s major lenders.