DJ Hardman & Co Research: Arbuthnot Banking Group (ARBB): 3Q'22 trading statement - yet another upgrade
Hardman & Co Research Hardman & Co Research: Arbuthnot Banking Group (ARBB): 3Q'22 trading statement - yet another upgrade 12-Oct-2022 / 12:40 GMT/BST
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Hardman & Co Research on Arbuthnot Banking Group (ARBB):
3Q'22 trading statement - yet another upgrade
ABG's 3Q'22 trading statement has led to a further upgrade to consensus, and we have also raised our estimates. The key takeaways were i) Bank of England base rate rises contribute to increased revenue, ii) good progress being made across all divisions, iii) deposit balances exceeding GBP3bn in the quarter, iv) completion of the sale of King Street property progressing, and v) full-year results expected to be ahead of market expectations. In September, the underlying monthly profit before tax was approaching GBP4m (excluding the one-off cost-of- living bonus payment made to all employees, which was signalled in the group's interim results), which compared with our previous 2023E adjusted PBT of GBP24m.
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End of Announcement - EQS News Service
1462117 12-Oct-2022
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(END) Dow Jones Newswires
October 12, 2022 07:40 ET (11:40 GMT)
