23 October 2024
Alpha
Group International plc
("Alpha"
or the "Group")
Client Balances &
Interest Rates, Quarterly Update
Alpha Group International plc, a
high-tech, high-touch provider of financial solutions to corporates
and institutions, today provides an update on the blended average
numbers for its client balances and interest rates, which
contribute to its 'Net Treasury Income - Client Funds'.
|
Quarter
|
Blended average client balance, Alternative
Banking
|
Blended average interest rate
|
|
Q3 2024
|
£2.2bn
|
3.8%
|
|
Q2 2024
|
£2.1bn
|
3.9%
|
|
Q1 2024
|
£2.0bn
|
4.0%
|
|
Q4 2023
|
£2.1bn
|
3.8%
|
|
Q3 2023
|
£1.9bn
|
3.8%
|
|
Q2 2023
|
£1.9bn
|
3.8%
|
|
Q1 2023
|
£1.6bn
|
2.8%
|
The Group will continue to publish
these figures on a quarterly basis via RNS Reach and on its
website: www.alphagroup.com/investors/financial-information.
Net
Treasury Income Explained
Interest is earned on overnight
deposits with several credit institutions, all 'A' rated with the
leading rating agencies. The amount of interest earned is
dependent on several variables:
- The
absolute balance we hold, which can move significantly from
day-to-day
- The
mix of currency balances we hold, and;
- The
interest rate environment and rates that can be obtained from
credit-worthy institutions.
Net treasury income is a natural
by-product of our accounts solution and is an uncontrollable income
stream for the Group, which would be at least partly transitory if
we return to a low-interest rate environment. We have therefore
chosen to recognise interest income on client cash balances as 'net
treasury income - client funds' (formerly 'other operating
income'), not operating revenue. Net treasury income - client funds
was £73m in 2023 (2022: £9.3m).
Enquiries:
|
Alpha Group International plc
Morgan Tillbrook, Founder and
CEO
Tim Powell, CFO
|
Via Alma
|
|
Alma
Strategic Communications
(Financial Public Relations)
Josh Royston
Andy Bryant
Kieran Breheny
|
+44 (0) 20 3405
0205
|
Notes to editors
Alpha is a high-tech, high-touch
provider of financial solutions dedicated to corporates and
institutions. Working with clients across 50+ countries,
we blend intelligent human capabilities with new technologies
to provide an enhanced alternative to traditional banking services,
with solutions covering: FX risk management, global accounts, mass
payments, fund finance, and cash management.
Key to our success is a team of
nearly 500 people based across eleven global offices, brought
together by a high-performance culture and a partnership structure
that empowers them to act as owners of our business.
Despite being an established
business listed on the London Stock Exchange, we remain
relentlessly focused on maintaining the same level of operational
agility and client focus we had when we first started in 2009. This
dynamic, combined with the passion of our people, has enabled us to
make a substantial and enduring difference to our clients, and
deliver a growth story to match.