12th Feb 2020 09:43
(Alliance News) - Arbuthnot Banking Group PLC on Wednesday said it expects full-year profit at the upper end of market forecasts following "good franchise growth" in the fourth quarter of 2019.
Shares in the company were 9.1% higher at 1,085.00 pence each in London on Wednesday morning.
The company said there an "increase in the level of confidence in its markets" following the UK's general election result.
Arbuthnot added: "The group continued to see good franchise growth during the fourth quarter of 2019 and as a result expects to announce full year pre-tax profits towards the upper end of the range of market expectations.
"Overall, the group increased its period-end customer loan balances by 31% on 2018 and deposits by 22% compared to 2018."
In 2018, Arbuthnot reported pretax profit of GBP6.8 million.
The firm added its Arbuthnot Commercial Asset Based Lending and Arbuthnot Specialist Finance division both made "good progress" in the fourth quarter.
By Eric Cunha; [email protected]
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