July 22 Britain's Arbuthnot Banking Group
reported a nearly five-fold rise in first-half pretax
profit, boosted by strong loan growth in its Secure Trust Bank
Arbuthnot, which has its roots in 181-year-old private bank
and wealth manager Arbuthnot Latham, said net interest income
rose to 41.1 million pounds ($70.2 million) in the six months
ended June 30, from 30.1 million pounds a year earlier.
Pretax profit rose to 9.5 million pounds from 2 million.
The company's underlying profit rose 83 percent to 13.2
million pounds, after adjusting for costs, as lending by Secure
Trust Bank jumped 22 percent to 447.8 million pounds.
Arbuthnot said on Tuesday it had agreed to sell some
intellectual assets of its structured products business Gilliat
Financial Solutions to Mariana Capital Markets for an
Structured products are financial instruments that typically
use derivatives to allow clients to bet on market movements or
Gilliat is part of the company's private banking and wealth
management arm, Arbuthnot Latham. The sale is not expected to
have a material impact on full-year results, Arbuthnot said.
Arbuthnot's shares were untraded at 0838 GMT on the London
Stock Exchange after closing at 1180 pence on Monday.
AIM-listed Secure Trust Bank's shares were up about 0.6
percent at 2300 pence.
($1 = 0.5855 British pounds)
(Reporting by Richa Naidu and Abhiram Nandakumar in Bangalore;
Editing by Gopakumar Warrier and Ted Kerr)