20th Jan 2017 07:29
LONDON (Alliance News) - Merchant bank Close Brothers Group PLC said Friday it is confident ahead of its interim results and on its full-year outlook.
FTSE-250 listed Close Brothers said in the five month period to December 31, 2016, its loan book grew by 2.3% to GBP6.60 billion from GBP6.40 billion. That puts the loan book up by 9.3% year-on-year.
Close Brothers said its market-making business Winterflood also delivered a "good performance" in the period, seeing strong retail trading throughout.
The asset management of Close Brothers saw its managed assets reduce to GBP7.80 billion from GBP8.00 billion during the period, due to the previously announced disposal of OLIM Investment Managers and its GBP500.0 million in assets, said the bank. However, the division received net inflows and saw positive market movement in the period.
Following a GBP175.0 million issue of tier 2 subordinated debt, the bank's pro-forma total capital ratio has increased by 2.4% to 15.1%, said Close Brothers.
"Given our performance year to date, we are confident in delivering a strong result for the first half as well as a good outcome for the full 2017 financial year," said the bank.
Close Brothers will release its results for its financial half to January 31 on March 14.
By Adam Clark; [email protected]
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