DJ Hardman & Co Research on Arbuthnot Banking Group (ARBB) 1H'23: steering through the interest rate wave
Hardman & Co Research
Hardman & Co Research on Arbuthnot Banking Group (ARBB) 1H'23: steering through the interest rate wave
04-Aug-2023 / 11:15 GMT/BST
The issuer is solely responsible for the content of this announcement.
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Hardman & Co Research on Arbuthnot Banking Group (ARBB)
1H'23: steering through the interest rate wave
ABG's income has been driven by the way in which it has managed its franchise - specifically, building a relationship
bank with less price-sensitive deposits. Spreads have widened in a rising rate environment, despite ABG offering
competitive rates to its relationship customers, and group operating income increased by 51% on 1H'22. Margins may have
peaked now. We previously expressed the view that, if the base rate were sustained at 4%, or higher, there could be
marketwide credit issues. The very early signs of this are now evident. However, ABG's conservative approach, with its
low LTVs, good-quality security (primarily residential real estate) and stress testing curtailing lending, means it is
positioned well.
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https://hardmanandco.com/research/corporate-research/1h23-steering-through-the-interest-rate-wave/
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1696557 04-Aug-2023
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(END) Dow Jones Newswires
August 04, 2023 06:15 ET (10:15 GMT)
