Arbuthnot hails good start to year as customer loans and deposits rise

AIM-listed Arbuthnot Banking Group hailed a good start to the year on Thursday, as it reported a rise in customer loans and deposits.

Customer loans and deposits at the end of April were up 18% and 37%, respectively, compared to the same time last year.

In a statement at the annual general meeting earlier, chairman Henry Angest said: "In line with the group's strategy of diversifying the lending businesses, our asset based lending division is now open for business and funded its first client loan last Friday, almost two months ahead of schedule.

"Overall the group has continued to grow and despite seeing increased competition in the private banking lending market, we expect to make further progress during the rest of the year."

At 1550 BST, the shares were up 2% to 1,520p.