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Trading statements

Close Brothers on track

21 July 2017 07:26

Close Brothers Group said it continued to perform well across all divisions, consistent with its Q3 trading update.

It said the Banking division had delivered continued growth and good returns for the 11 months to the end of June, with the loan book up 6.4% at £6.8 billion (31 July 2016: £6.4 billion).

It said Property Finance continued to perform well, with solid demand and strong loan book growth.

The update continued: "Retail Finance benefited from strong growth in the premium finance business, while we continue to prioritise margins and credit quality in motor finance.

"Commercial Finance growth remained modest, consistent with the current point in the cycle.

"Overall, the bad debt ratio remains in line with the prior year and the net interest margin also remained broadly stable, as we continue to apply our prudent and consistent lending criteria across all of our businesses.

"Winterflood delivered a good performance year to date supported by continued strong retail trading activity throughout the period.

"Asset Management continued to achieve strong net inflows and benefit from positive market movements.

"As a result, managed assets are up 9% year to date at £8.8 billion (31 July 2016: £8.0 billion) and total client assets grew 11% to £11.0 billion (31 July 2016: £9.9 billion)."

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