Pre-Tax Profits Fall at Arbuthnot Latham Despite Rising Revenues

Stephen Harris

21 September 2006

Increased costs to fund investment for further growth were blamed for pre-tax profits falling in the first half at Arbuthnot Latham, the private banking arm of London-based Arbuthnot Banking. Pre-tax profit was £0.1 million ($0.189 million) compared to £0.4 million for the same period last year. "Our investment in the private banking business has continued and we have been able to attract new hires from a number of major wealth management organisations," said Henry Angest, Arbuthnot's group chairman. The private banking division's revenues rose by 6 per cent during the first six months and by 11 per cent year on year.