Hardman & Co Arbuthnot Banking Group (ARBB): 1H’24 - optimising the franchise value
ABG’s 1H'24 results showed the group’s continued evolution to optimise its franchise value. 2023 saw the peak benefits from ABG’s relationship deposit franchise in the recent rising rate environment. Margins could be widened while still giving customers competitive products. 1H’24 profits fell £6m (-21% on 1H’23), as low-cost fixed deposits matured and rolled into higher-rate products. The effect was mitigated by i) strong growth in specialist lending, the result of a multi-year strategy, ii) growth in lower-cost SME deposits (a new focus), and iii) the extended duration, and increased volume, of high-quality debt securities instead of placings at the Bank of England (BoE).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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