22nd May 2015 06:31
LONDON (Alliance News) - Close Brothers Group PLC Friday reported growth in its banking loan book and in its assets under management in the third quarter of its financial year, as well as improved market conditions for its Winterflood securities business.
In a statement, the banking and asset management group said its banking division is generating "solid" returns, with its loan book up 2.7% in the three months ended April 30 to GBP5.6 billion.
Assets under management increased to GBP10.6 billion, up 4% in the quarter, due to "solid" net inflows and positive market movements, while the revenue margin remained "broadly stable" on the first half.
Winterflood benefited from improved market conditions in the third quarter, with the group highlighting the London Stock Exchange's junior market, AIM, as well as improved risk appetite, using the "difficult trading environment" of the first half as a comparison.
Income per bargain and average bargains per day have increased in the securities division, the company said.
"Overall, the group remains well positioned for the remainder of the current financial year. In banking we expect to deliver continued loan book growth at good returns. Winterflood has benefited from the improved trading environment but remains sensitive to market conditions. We continue to see steady growth in asset management," Close Brothers said.
By Samuel Agini; [email protected]; @samuelagini
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