Update: Delivering growth as promised
ABG’s trading statement was positive for both businesses. We note the retail bank has delivered an 87% increase in gross lending (Q314 on Q313) with growth from existing consumer businesses and the new SME initiatives. Credit quality remains excellent. The private bank is reporting payback on investments. Both businesses continue to invest heavily. We have modestly increased our revenue, pre-tax and EPS estimates. The increased market value of STB in our sum-of-the-parts model and higher profit forecasts raise the average of our valuation approaches to £15.4.Arbuthnot Banking Group is primarily involved in banking and financial services. Co. is organized into three main operating segments: Retail banking (associate), which incorporates household cash management, personal lending and banking and insurance services; U.K. Private banking, which incorporates private banking, commercial banking and wealth management; and Group Centre, which is comprised in Co.'s Group Centre management. As of Dec 31 2016, Co.'s total assets were £1.27 billion.
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