UK-headquartered private bank boutique Arbuthnot Latham reported a pre-tax profit of £1 million ($1.52 million) in the first six months of 2013, down from £1.4 million a year ago, while customer deposits rose to £453 million from £406 million.

The bank, which has launched – as previously reported – a wealth management advisory business in Dubai, said customer loans expanded to £307 million in the half-year period, up from £383 million in same period a year ago.

As far as the overall Arbuthnot Banking Group was concerned, it logged an underlying pre-tax profit of £7.2 million. (This is adjusted for group executive share option scheme costs of £1 million, Secure Trust Bank share option scheme costs of £1 million and acquisition accounting adjustments of £3.2 million. Underlying profit growth was 64 per cent. Reported pre-tax profit was £2 million, down from £10.8 million, the UK-listed firm said in a statement today.