There has been a large rise in pre-tax profits at the boutique UK private bank.

Arbuthnot Latham, the UK private bank, today reported pre-tax profits of £3.7 million in the first six months of 2015, a surge of 111 per cent from the same period last year, while assets under management rose to £701 million at 30 June, from £566 million a year earlier.

Customer loans stood at £584 million in the first half, up from £394 million a year before; customer deposits were £770 million, up from £589 million, the firm said in a statement.

The UK-listed parent, Arbuthnot Banking Group, logged pre-tax profits of £15.7 million, up 65 per cent on the year, it said.

Secure Trust Bank, a retail bank and part of the Arbuthnot Banking Group, reported an increase in profit before tax of 40 per cent for the half-year period to £16 million.

Secure Trust Bank also reported an underlying profit before tax – taking acquisition costs and other adjustments into account - of £17.4 million, from £15.2 million a year earlier, up 14 per cent.

Arbuthnot Banking Group also announced today that Ian Dewar will join its board as a non-executive director with effect from 1 August 2015. He will also become a non-exec director of Arbuthnot Latham. His current directorships include those of Manchester Building Society, Brewin Dolphin and the Aldenham Foundation.