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19 Jul 2019 | 07:26

Close Brothers reports 'solid' performance despite mixed trading conditions

Close Brothers Group said it had continued to deliver 'solid' performance despite mixed trading conditions with its banking arm showing growth and its asset management arm reflecting 'subdued' clients activity. For the 11 months to 30 June 2019, the company's banking division saw its loan book grow 5.1%, reaching £7.6bn with commercial delivering good growth across the portfolio and growth in retail mainly driven by Premium Finance amid a modest increase in Motor. The property loan book, however, remained broadly flat. Its asset management division achieved 'good' net inflows in a period of subdued client activity, but profitability continues to reflect lower market levels for most of the year and ongoing investment spend to support its long-term growth potential. Managed assets increased 9% to £11.3bn at 30 June 2019, compared with £10.4 billion at the end of July last year and total client assets grew 6% to £12.9bn. Its Winterflood division performed broadly in line with the first half overall, although trading volumes remained low. 'While current trading conditions are mixed, we remain well positioned for the long term,' the company said.

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