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

Close BrothersAnnouncement

06/09/2014 20:29

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RNS Number : 1534N
Close Brothers Group PLC
24 July 2014 
 
Close Brothers Group plc 
 
Trading update 
 
Close Brothers Group plc ("the group" or "Close Brothers") today issues its
scheduled pre-close trading update ahead of its 2014 financial year end.  All
statements in this release relate to the group's performance over the five
months to 30 June 2014 ("the period") unless otherwise indicated. 
 
Close Brothers will be releasing its full year results for the twelve months
ending 31 July 2014 on 23 September 2014. 
 
Highlights 
 
·     Close Brothers has delivered another strong result in the period,
building on a good first half performance 
 
·     Continued momentum in Banking with year to date loan book growth of 12%
to £5.2 billion 
 
·      Securities performance remained broadly consistent with the first half 
 
·    Asset Management continued to make good progress with 7% growth year to
date in Assets under Management ("AuM") to £9.7 billion 
 
·     The group maintained its strong funding, liquidity and capital
positions 
 
Banking 
 
The Banking division's strong performance has continued in the second half. 
The loan book grew 8% over five months to £5.2 billion (31 January 2014: £4.9
billion), and is up 12% year to date, reflecting improved demand particularly
in Property and motor finance.  The division remains focused on maintaining
its high quality lending model, with a slight decline in the net interest
margin in the period offset by continued strong credit performance. 
 
Securities 
 
The positive trading conditions and improved market sentiment continued to
benefit Securities in the period.  Volumes at Winterflood were stronger
although this was offset by a small reduction in income per bargain,
reflecting increased trading in lower margin stocks.  Seydler benefitted from
a modest improvement in capital markets fees, but overall performance in
Securities has remained broadly consistent with the first half. 
 
Asset Management 
 
Asset Management delivered 4% growth in AuM to £9.7 billion (31 January 2014:
£9.3 billion) in the period.  AuM have increased 7% year to date, benefitting
from both net inflows across our core distribution channels and positive
market movements.  The revenue margin remained stable on the first half. 
 
Outlook 
 
Overall the group's outlook is unchanged and we expect to report another
strong performance for the full year. 
 
 Enquiries Jon NashClara MeliaHelen PricePeter Ogden  Close Brothers Group plcClose Brothers Group plcClose Brothers Group plcMaitland  020 7655 3844020 7655 3350020 7655 3292020 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
2,700 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