Hardman & Co Research: Arbuthnot Banking Group - 2024 results: franchise growing through the noise

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

2024 results: franchise growing through the noise

The core of any successful, long-term business lies in offering clients the products they want so that they give you more business and, in turn, you attract new customers. The 2024 results show how ABG has achieved this, with growth in i) specialist lending (now £828m, 35% of loans up 33% in 2023, 27% in 2022 and 21% in 2021), ii) deposit volumes (+10%), and iii) wealth management (FUMA +30%). 1,200 new banking clients were onboarded in 2024. Short-term profits reflected that ABG had optimised returns in a rising rate environment (2023 PBT £47.1m vs. £4.6m in 2021) but faced the predicted margin pressures when they started to fall (2024 PBT £35m). 
 

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