18th Nov 2021 11:22
Close Brothers Group PLC - London-based merchant bank - Notes "encouraging" start to financial year. Reports "good growth momentum" in asset management arm in first quarter ended October 31, though in stock brokerage Winterflood, "trading income has continued to moderate". Banking loan book, meanwhile, increases 2.4% to GBP8.6 billion from GBP8.4 billion in July. "The credit performance of the loan book as a whole remained strong. We remain confident in the quality of our lending, which is predominantly secured, prudently underwritten and diverse. Our impairment provisions continue to reflect the improved but still uncertain economic outlook," Close Brothers says.
Close Brothers Asset Management increases managed assets to GBP16.0 billion from GBP15.6 billion in September. Winterflood has been hit by "market wide slowdown in retail trading activity".
In addition, company says Close Brothers Asset Management Chief Executive Martin Andrew will step down after 13 years in post "to pursue the next stage of his career". He stays at the business until spring 2022 for "smooth handover". Search for replacement underway.
Current stock price: 1,405.00 pence, up 0.7% on Thursday
Year-to-date change: up 1.7%
By Eric Cunha; [email protected]
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