Arbuthnot Banking Group shares jumped yesterday (23 February) after the firm revealed full-year profits are set to beat forecasts, but later fell back.
The private banking and wealth management firm earlier had expectations of £17.3m in profit for 2022.
Following a strong fourth quarter of the year, it is now on track to beat this number. The exact figures will be confirmed in its annual results statement on 30 March.
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Investors responded positively to the trading update, with Arbuthnot shares rising nearly 3% to 950p. They fell back in afternoon trading to 900p though, 2% lower for the day.
The company said: "Having invested in and developed a business model designed for higher interest rates the bank has benefitted from further rises in the Bank of England base rate. Accordingly, the group therefore expects to report pre-tax profits ahead of consensus market expectations which the group believes currently stand at £17.3m."
Moorgate based Arbuthnot was formed in 1833. Its client facing subsidiary trades as Arbuthnot Latham.
