19th February 2021

Coutts and Adam & Co report annual results

Highlights are:

-Significant year-on-year balance growth driven by increases across deposits, lending and investments.
-Deposits–increased £3.8bn(13%)
-Lending–increased £1.5bn(10%)
-AuMA increased by £1.7bn(6%) including Net New Money into investment products- c.£0.8bn
-More than 1,600 new clients welcomed to Private Banking
-Costs decreased by £39m
-Full Year operating profit of £208m

On the headline figures for Coutts and Adam & Company, Peter Flavel CEO Coutts, comments “Our Private Banking financial results for 2020 reveal strong growth in deposits, lending and AuMA, as well as consistent new client acquisition figures year-on-year, and a pre-provision Return on Equity (ROE) of 15.8% and pre-provision profit of £308m.

The total AuMA figure has risen by £1.7bn(6%) to a total of £32.1bn and includes around £0.8bn in Net New Money into our investment products. This, coupled with our continued five-year top quartile investment performance in our main funds is perhaps the most pleasing figure of all.

The £3.8bn(13%) increase in deposits reflects an increase in commercial and personal inflows in both savings and current accounts. The £1.5bn lending increase(10%) has been driven mainly by strong mortgage flows, evidencing our natural strengths in flexible prime and super prime lending.

We also experienced new client growth of more than 1,600 and with around 19% of new clients coming from group wide referrals, we can see the continuing benefit of our one bank strategy coming through."

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