Arbuthnot Banking optimistic for 2011

17th Mar 2011 07:45

Banking and financial services group Arbuthnot Banking said it is optimistic about the outlook for 2011 as it reported flat annual pre-tax profit.The niche retail bank posted a pre-tax profit of £5.1m for the year to 31 December 2010 unchanged from the year before. Group earnings per share increased by 7% to 25p.Underlining confidence in future trading, the final dividend has been increased by 0.5p to 12p per share, making a total dividend of 23 pence, compared with a payment of 22p 2009. Net interest income for the year rose to £21.1m from £16.9m. Cash and cash equivalents rose to £85.9m from £54.8m. Commenting on the results, chairman and chief executive Henry Angest said, "Arbuthnot performed well in 2010 across all its divisions. This is the result of our prudent approach which has served us well throughout the financial crisis."He added, "We now have a strong platform on which to make further progress this year and, while maintaining the important caveats of the fragile status of the geopolitical and economic environment, we are optimistic about the outlook for 2011."