Close Brothers Group PLC Scheduled Trading Update (6815L)
21 July 2017 - 4:00PM
UK Regulatory
TIDMCBG
RNS Number : 6815L
Close Brothers Group PLC
21 July 2017
Scheduled Trading Update
Close Brothers Group plc ("the group") today releases its
scheduled pre-close trading update ahead of its 2017 financial year
end. All statements in this release relate to the 11 months to 30
June 2017 ("the period") unless otherwise indicated.
The group will report results for the year to 31 July 2017 on 26
September 2017.
Group and divisional performance
The group has continued to perform well across all divisions,
consistent with our Q3 trading update.
The Banking division has delivered continued growth and good
returns, with the loan book up 6.4% year to date at GBP6.8 billion
(31 July 2016: GBP6.4 billion).
Property Finance continued to perform well, with solid demand
and strong loan book growth. 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 GBP8.8 billion (31 July 2016: GBP8.0
billion) and total client assets grew 11% to GBP11.0 billion (31
July 2016: GBP9.9 billion).
Outlook
The group has performed well year to date and we remain
confident in a good result for the current financial year.
Enquiries
Close Brothers Group
Sophie Gillingham plc 020 7655 3844
Close Brothers Group
Eva Hatfield plc 020 7655 3350
Close Brothers Group
Liya Dashkina plc 020 7655 3468
Andy Donald Maitland 020 7379 5151
About Close Brothers
Close Brothers is a leading UK merchant banking group providing
lending, deposit taking, wealth management services and securities
trading. We employ over 3,000 people, principally in the UK. Close
Brothers Group plc is listed on the London Stock Exchange and is a
member of the FTSE 250.
This information is provided by RNS
The company news service from the London Stock Exchange
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