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Arbuthnot Banking profits more than doubled in the first half of the year driven by increased activity in its loan business despite a fall in assets under management.
For the six months to 30 June 2019, profit before tax rose to £2.9m from £1.2m a year earlier, but earnings per share fell to 16.6p from 21.7p as the group recognised a net loss of £25.7m on derecognition of the Secure Trust Bank.
Customer loans rose 16% £1,275m for the half, and deposits rose 18% to £1,829m.
Assets Under Management fell 4% to £1,029m for the half from £1,069m last year, but was up 4.5% compared to December 2018.
The interim dividend per share was increased to 16p from 15p last year.
Looking ahead, the company said it expected to complete the purchase of £266m Residential Mortgage portfolio expected on 8 August.
At 9:30am: (LON:ARBB) Arbuthnot Banking Group PLC share price was -5p at 1355p