Hardman & Co Research: Arbuthnot Banking Group (ARBB): 3Q’22 trading statement – yet another upgrade
ABG’s 3Q’22 trading statement has led to a further upgrade to consensus, and we have also raised our estimates. The key takeaways were i) Bank of England base rate rises contribute to increased revenue, ii) good progress being made across all divisions, iii) deposit balances exceeding £3bn in the quarter, iv) completion of the sale of King Street property progressing, and v) full-year results expected to be ahead of market expectations. In September, the underlying monthly profit before tax was approaching £4m (excluding the one-off cost-of- living bonus payment made to all employees, which was signalled in the group’s interim results), which compared with our previous 2023E adjusted PBT of £24m.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.
We are a rapidly growing, innovative corporate research & consultancy business, based in London, serving the needs of both public and private companies.
Our expert team of sector analysts and market professionals collectively have over 400 years of experience. This depth of knowledge and a reputation for integrity have built trust with investors. With effective communication and precision distribution, we help companies disseminate their investment message to interested investors, as well as advise them on strategy.
Our smaller, boutique structure allows us to provide first-class customer service and to deliver a wide range of ad-hoc services for multiple clients with different needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.