The 17 July 1H’19 results showed the further progress made in profitably deploying the capital ABG generated from the partial sales of its stake in STB. Loans grew 16% to £1,275m, and deposits increased 18% to £1,829m, driving net interest income up 15%. Other new businesses continue to show strong growth. Commercial Banking generated profits of £3m (1H’18 loss: £0.8m). The group is well-funded (loans 70% of deposits) and has surplus group capital of ca.£70m (core equity Tier 1 surplus in excess of £30m). In July, ABG announced the acquisition of two mortgage portfolios for £258m; this shows the company’s flexibility to take value-added acquisition opportunities.
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