Customer deposits increased 21% to £3.8bn (2022: £3.1bn), bolstered by the success of the group's relationship-based approach across both private and commercial banking.

In addition, customer loans increased 6% to £2.3bn (2022: £2.2bn) as the group tightened its credit appetite during the year.

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Commenting on the results, Sir Henry Angest, chairman and CEO at Arbuthnot, said: "Arbuthnot delivered an exceptional performance in 2023.

“We are confident that the continued delivery of our strategic plan will enable Arbuthnot to prosper through the softening monetary environment we anticipate in the year ahead."