Close Brothers Group PLC Scheduled Trading Update (8511C)
25 January 2018 - 6:00PM
UK Regulatory
TIDMCBG
RNS Number : 8511C
Close Brothers Group PLC
25 January 2018
Scheduled Trading Update
Close Brothers Group plc ("the group" or "Close Brothers") today
issues its scheduled pre-close trading update ahead of its 2018
half year end. Close Brothers will be releasing its half year
results for the six months ending 31 January 2018 on 13 March
2018.
All statements in this release relate to the group's performance
over the five months to 31 December 2017 unless otherwise
indicated.
Group and divisional performance
Close Brothers' performance since the start of the financial
year has remained good, with all three divisions ahead of
expectations.
The Banking division has continued to generate strong returns
and profit growth during the period, with a stable net interest
margin. Bad debts remained low and the underlying credit
performance was consistent with the last financial year.
The loan book was up 2.6% over the period and 7.3% year on year
at GBP7.1 billion (31 July 2017: GBP6.9 billion). Growth was driven
by the Premium and Property Finance businesses. In Motor and Asset
Finance, where the environment remains competitive, we continue to
focus on maintaining our underwriting and pricing discipline.
Winterflood continued its good performance with trading activity
remaining high.
Asset Management also performed well, delivering strong net
inflows and benefiting from rising markets. Managed assets
increased 8.2% in the period to GBP9.6 billion (31 July 2017:
GBP8.9 billion) and total client assets grew to GBP11.7 billion (31
July 2017: GBP11.2 billion).
Outlook
Given our performance year to date, we are confident of
delivering an increase in profit in the first half, and remain well
positioned for the full 2018 financial year.
Enquiries
Close Brothers Group
Sophie Gillingham plc 020 7655 3844
Close Brothers Group
Eva Hatfield plc 020 7655 3259
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 3,200 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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