ARBUTHNOT BANKING GROUP PLC

Business and Financial Review • Jul 27, 2017

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RNS Number : 3047M

Arbuthnot Banking Group PLC

27 July 2017

Hardman Research: Value added strategy in results

H117 results delivering the value added strategy: H117 saw Arbuthnot delivering on its promises with strong franchise, revenue and underlying profit growth. H217/2018 promises more of the same with the full benefit of franchise growth seen over the past twelve months (loans +34% to £879m, deposits +31% to £1,229m and assets undermanagement +26% to £1,001m). ABG has surplus liquidity and capital (c£90m) giving it flexibility to exploit opportunities in uncertain economic times. Management risk appetite remains conservative. From a small base, it can grow strongly and with good credit quality. The shares trade at 0.9x NAV despite the long track record of adding value - with this history, we would expect them to trade at a premium to NAV.

Please click here for the full report:

http://hardmanandco.com/docs/default-source/company-docs/arbuthnot-banking-group-plc-documents/27.07.17-strong-profitable-growth-not-shown-in-share-price.pdf

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