The key message from the 3Q’19 trading statement was of continued strong franchise growth (loans +33% to £1.6bn, deposits +17% to £2bn). The Private Bank has been adding ca.40 clients per month, although it takes time to generate revenue growth from them. Arbuthnot Direct has raised £85m of deposits since August, and other new business areas have shown strong grown (Renaissance Asset Finance loans £101m, +22%, Asset Based Lending £106m). There have been a limited number of credit situations with impairments rising, as may be expected at this stage of the cycle. Investment has been accelerated relative to our prior estimates and the wealth management division is being restructured.
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