20th May 2016 06:11
LONDON (Alliance News) - Financial services company Close Brothers Group PLC on Friday said it delivered an improved performance in the third quarter, with good trading for all three of its divisions.
The FTSE 250-listed firm, which runs banking, securities and asset management operations, said its banking arm has continued to see good demand for its specialist lending services. In the third quarter to the end of April, the loan book increased 4.0% over the quarter and 8.2% in the nine months to the end of April to GBP6.2 billion.
Winterflood, the securities arm, has seen its performance improve after tough market conditions in the first half. Profit improved across its trading books thanks to a modest recovery in equity markets and better risk appetite, Close said. It added, however, Winterflood "remains sensitive to an unpredictable market".
The asset management business also delivered solid net inflows in the quarter, up 4.0% to GBP7.5 billion from GBP7.3 billion at the end of January. Total client assets rose 2.0% in the quarter to GBP9.3 billion.
Close said it is confident on delivering a "satisfactory outcome" for the year to the end of July following the improved third quarter.
By Sam Unsted; [email protected]; @SamUAtAlliance
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