A resilient performance in challenging market conditions
· Total group adjusted operating profit was £63 million, broadly unchanged on the first half last year. Adjusted basic EPS was 31.9p.
· The Banking division achieved another strong performance with adjusted operating profit up 27%. The loan book increased 9% to £3.8 billion since 31 July 2011 and the bad debt ratio improved to 1.7%.
· The Securities division experienced difficult trading conditions and overall adjusted operating profit reduced 58% to £13 million.
· The Asset Management division has made good progress in the final stages of its restructuring, and delivered a small loss of £3 million as expected. At 31 January 2012 Assets under Management were £6.9 billion in Private Clients and £8.6 billion for the division as a whole.
· The board has declared an ordinary interim dividend of 14.0p per share, a 4% increase on the 13.5p interim dividend last year.
· The group has maintained a strong funding and liquidity position and is well capitalised with a core tier 1 capital ratio of 12.3%.
|
Financial Highlights for the six months ended 31 January |
2012 |
|
2011 |
|
|
Adjusted operating profit1 |
£63.2m |
£63.4m |
||
|
Adjusted basic earnings per share2 |
31.9p |
32.9p |
||
|
Operating profit before tax (after exceptional items) |
£66.8m |
£58.3m |
||
|
Basic earnings per share (after exceptional items) |
34.8p |
29.4p |
||
|
Ordinary dividend per share |
14.0p |
13.5p |
||
|
Core tier 1 capital ratio |
12.3% |
13.1% |
