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Trading statements

Close Brothers confident after strong H1

20 January 2017 07:18

Close Brothers Group said it has delivered a strong performance since the start of the financial year.

It said the banking division generated strong returns and profit growth during the period.

This was driven by both higher income, with a stable net interest margin, as well as a lower bad debt ratio, as a result of continued good underlying credit performance and provision releases.

The loan book was up 2.3% over the period and 9.3% year on year at £6.6bn (31 July 2016: £6.4bn), driven by good growth particularly in the premium finance and property businesses.

Although new business volumes remained solid across the loan book, repayments were higher particularly towards the end of the period.

It said Winterflood delivered a good performance, with strong retail trading activity throughout the period.

Asset management benefited from improved market conditions and both market movements and net inflows were positive.

Overall, however, managed assets reduced to £7.8bn (31 July 2016: £8.0bn) reflecting the previously announced disposal of OLIM Investment Managers (c.£500m managed assets at 31 July 2016), which completed in November.

Looking ahead it said: "Given our performance year to date, we are confident in delivering a strong result for the first half as well as a good outcome for the full 2017 financial year."

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Related Company: CBG

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