March 28, 2018 / 6:50 AM / a year ago

UPDATE 1-Arbuthnot Banking's full-year profit jumps on surge in lending

(Adds details on bank unit, chairman comment)

March 28 (Reuters) - Britain’s Arbuthnot Banking Group on Wednesday reported an increase in full-year pretax profit, driven by a 38 percent surge in lending at its private banking arm.

Arbuthnot, which has its roots in 185-year-old private and commercial bank and wealth manager Arbuthnot Latham, said pretax profit increased to 7 million pounds ($9.94 million) from 0.2 million pounds a year earlier, and in-line with analysts expectations, according to Thomson Reuters I/B/E/S.

Pretax profit at Arbuthnot Latham rose 21 percent to 11 million pounds, while customer loans jumped 38 percent to 1.05 billion pounds

Arbuthnot Banking Group stuck to its optimistic stance over Britain’s vote to leave the European Union, saying that the associated turmoil would create investment opportunities.

“The greater risk must be that of a hard left Labour government. This could have a significant impact on our clients and business,” Chairman Henry Angest said in a statement. .

$1 = 0.7045 pounds Reporting by Noor Zainab Hussain in Bengaluru; Editing by Bernard Orr

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