DJ Hardman & Co Research: Arbuthnot Banking Group (ARBB): 2020 results in line; 2021 outlook: strong recovery
Hardman & Co Research
Hardman & Co Research: Arbuthnot Banking Group (ARBB): 2020 results in line; 2021 outlook: strong recovery
06-Apr-2021 / 11:15 GMT/BST
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Hardman & Co Research: 2020 results in line; 2021 outlook: strong recovery
The key highlights from the FY'20 results were a small loss (as expected), with breakeven excluding deal costs. Margin
pressure (from base-rate cuts) and a GBP2m rise in impairments, despite there being zero higher-risk Stage 2/3 property
exposures over 80% LTV (2019 over GBP30m), were the main drivers. The 2021 outlook is for i) a strong recovery, driven by
loan volume growth, ii) less pain from excess liquidity, iii) profits generated by Asset Alliance after acquisition
(completed end-March, which will also see a GBP10m equity uplift, as it is being bought below book), iv) a gain on the
sale of Tay mortgages, v) forecast lower impairments, and vi) a dividend from STB.
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https://www.hardmanandco.com/research/corporate-research/2020-results-in-line-2021-outlook-strong-recovery/
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(END) Dow Jones Newswires
April 06, 2021 06:15 ET (10:15 GMT)
