The key highlight from 1H’21 is that ABG is back on track. To quote from the Chairman’s statement: “The growth trajectory of the loans …. should see the Group end the year with customer assets at the levels we had forecasted for 2021 prior to the pandemic”. In contrast, today’s share price is 1,055p, against 1,350p in January 2020. The accounts were complicated by gains on acquisition, bonus accruals, a property writedown, Dubai closure costs and a mortgage portfolio gain on sale. Adjusting for these, underlying profit was £1.6m. Importantly, the franchise is back to growth: loans 12% (9% organic) and deposits 12%, and gross inflows were 17% of opening AUM.
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