Hardman & Co Research on Arbuthnot Banking Group (ARBB) 1H’23: steering through the interest rate wave
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Friday, August 4, 2023
Hardman & Co Research on Arbuthnot Banking Group (ARBB) 1H’23: steering through the interest rate wave
Key Points:
- Hardman & Co Research on Arbuthnot Banking Group (ARBB) 1H’23: steering through the interest rate wave
The issuer is solely responsible for the content of this announcement. - 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.
- We previously expressed the view that, if the base rate were sustained at 4%, or higher, there could be marketwide credit issues.