24th Jul 2014 08:58
LONDON (Alliance News) - Close Brothers Group PLC Thursday said it is confident of reporting strong full-year earnings, leaving its outlook unchanged as it said that both its banking loan book and asset management division's assets under management increased during the five months to the end of June.
In a statement, the FTSE 250 merchant banking group said its banking loan book grew to GBP5.2 billion from GBP4.9 billion in the five months to the end of June, due to improved demand in property and motor finance. Close Brothers said the division wants to maintain lending standards, and reported a slight decline in the net interest margin in the period, offset by continued strong credit performance.
Elsewhere, assets under management grew to GBP9.7 billion from GBP9.3 billion during the five months, boosted by net inflows across its core distribution channels and positive market movements. The revenue margin remained stable on the first half.
In addition, Close Brothers said that its securities division has enjoyed continued positive trading conditions and improved market sentiment.
Close Brothers will publish its full-year results for the twelve months ending July 31 on September 23.
Shares were Thursday quoted up 0.2% at 1,275.98 pence.
By Samuel Agini; [email protected]; @samuelagini
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