8th May 2014 14:47
LONDON (Alliance News) - Arbuthnot Banking Group PLC Chairman Henry Angest Thursday told shareholders the company has started 2014 well.
"Both banks have traded robustly and have delivered strong growth in lending volumes. Overall, customer loan balances finished the first quarter in excess of 20% higher than the previous year," Angest said at the banking group's annual general meeting.
Arbuthnot and its majority-owned challenger bank Secure Trust Bank PLC reported good 2013 earnings in March, Angest said, boosted by strong growth in the closely-watched net interest income and with increasingly diversified sources of revenue after a series of acquisitions in recent years.
Angest said both banks remain well funded and capitalised.
"The group is confident of developing its business and is well positioned to make further positive progress during the year," Angest told shareholders.
Angest, who chairs both banks, Wednesday told shareholders at Secure Trust Bank's AGM that the retail bank also continued to trade well during the first few months of the year, pointing to progress in its motor and retail finance businesses, as well as in the market for lending to small-and-medium-sized enterprises.
Arbuthnot shares were Thursday quoted at 1,185 pence, up 0.6%. Shares in Secure Trust Bank were down 0.9%, at 2,601.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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