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Arbuthnot Banking FY profit up on gains from Secure Trust stake sale
March 23, 2017 / 8:59 AM / 9 months ago

Arbuthnot Banking FY profit up on gains from Secure Trust stake sale

March 23 (Reuters) - Britain’s Arbuthnot Banking Group said on Thursday full-year profit jumped, helped by gains from the sale of a stake in its retail bank Secure Trust Bank Plc.

Arbuthnot said profit rose to 228 million pounds ($285.1 million) for 2016, from 27 million pounds a year earlier. This included a 228 million pounds gain from the sale of Everyday Loans Group and the sale of a 33 percent stake in Secure Trust Bank.

The bank posted a pretax profit from continuing operations of 0.2 million pounds, compared with a loss of 2.6 million pounds year ago.

Arbuthnot said it remained well capitalised and was optimistic for the future, despite global economic and geopolitical headwinds, including the Brexit referendum vote.

“The vast majority of the Group’s income and expenditure is based in the UK. It is therefore anticipated that the financial impact would be minimal assuming there were to be no significant macro economic shock on the UK,” the company said in a statement.

$1 = 0.7999 pounds Reporting by Justin George Varghese and Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier

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