Arbuthnot Banking (ARBB) posted its audited numbers for 2019 this week, revealing a rise in pre-tax profits, net assets and the lender’s total capital ratio – which stood at a healthy 17.3 per cent at the end of December.
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The figures were released despite regulatory advice for firms to delay publication, though it’s hard to blame Arbuthnot for filing a decent but now rather meaningless set of figures. Though the Bank of England’s decision to remove counter-cyclical buffer requirements would otherwise prove beneficial, its simultaneous cuts to base rates will hammer profitability.
Throw in the deep uncertainty clouding the UK economy, and the bank has unsurprisingly abandoned detailed guidance for the year ahead.
