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Hardman & Co Research : Arbuthnot Banking Group (ARBB): The power ranger of relationship deposit banking

·2-min read

Hardman & Co Research
Hardman & Co Research : Arbuthnot Banking Group (ARBB): The power ranger of relationship deposit banking
22-Jul-2022 / 10:50 GMT/BST

Hardman & Co Research on Arbuthnot Banking Group (ARBB):

The power ranger of relationship deposit banking

ABG smashed expectations with underlying 1H’22 profits of £10.7m, which is more than we had forecast for the full year. This was driven by widening margins in a rising rate environment, and, in particular, being a bank with relationship deposits rather than rate-sensitive best-buy accounts. Before getting too excited, we note 1H’21 was exceptional, and margins will normalise over time, but we have materially increased both FY’22 and FY’23 estimates, despite cost pressures. Current credit cost metrics continue to improve, and management indicates its forward-looking metrics show no signs of stress. Growth and new capital requirements are absorbing the previously large capital surplus.

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors’ understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge.  Our focus is to raise companies’ profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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