REG - Close Bros Grp PLC - Scheduled Trading Update <Origin Href="QuoteRef">CBRO.L</Origin>

Close BrothersAnnouncement

16/11/2017 07:05

RNS Number : 6427W
Close Brothers Group PLC
16 November 2017
 
 
Scheduled Trading Update
Close Brothers Group plc ("the group" or "Close Brothers") today issues its trading update for the first quarter from 1 August 2017 to 31 October 2017 ("the quarter"). All statements in this release relate to that period unless otherwise indicated.
Group and divisional performance
Close Brothers has made a good start to the year with continued strong profitability across all three divisions.
The Banking division delivered a good performance in the first quarter with loan book growth and stable margin. 
The loan book increased 1.4% in the period to 7.0 billion (31 July 2017: 6.9 billion), driven by good growth in Property and Premium Finance. As expected, the Asset and Motor Finance loan books remained broadly flat, as we maintain our underwriting and pricing discipline.
Both the net interest margin and bad debt ratio remained in line with the last financial year, and we have not seen any significant change in credit performance or trading conditions. 
Winterflood benefited from continued retail investor trading activity.
The Asset Management division continued to benefit from strong net inflows as well as positive market movements, with managed assets increasing 6.5% to 9.5 billion (31 July 2017: 8.9 billion) and total client assets growing to 11.7 billion (31 July 2017: 11.2 billion). 
Outlook
We achieved a good performance in the first quarter and, at this early stage, remain well positioned for the remainder of the financial year. 
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.
Enquiries
Sophie Gillingham 
Close Brothers Group plc  
020 7655 3844
Eva Hatfield 
Close Brothers Group plc  
020 7655 3350
Liya Dashkina 
Close Brothers Group plc  
020 7655 3468
Andy Donald 
Maitland 
020 7379 5151

This information is provided by RNS
The company news service from the London Stock Exchange
  END
TSTOKPDDFBDDADD