Company
LON:CBG
Close Brothers is a specialist financial services group which makes loans, trades securities and provides advice and investment management solutions to a wide range of clients. Close Brothers’ Banking division provides specialist lending to small and medium-sized businesses and individuals across a diverse range of asset classes, and also offers deposit taking services. The Securities division provides trading services to retail brokers and institutions principally through Winterflood, a leading market-maker in the UK. The Asset Management division provides a full range of advice, investment management and self-directed services to private, institutional and corporate clients and professional advisers. Close Brothers was established in 1878 and today employs over 2,500 people, principally in the UK.
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In a trading update, the group said the loan book in its banking division grew to £9.13bn at end-October from £9.10bn at the end of July, reflecting continued demand in the commercial businesses, although new business volumes in motor finan
The market-facing business of asset management and market-making both were hit by the volatile conditions
Its set to be another busy day as the countdown to the quarter end.
“The key focus within the results, we think, will be the outlook for credit quality in the bank’s diverse range of asset-backed interest margin segments,” said UBS in a preview
Known by its dealing screen abbreviation WINS by many in the City, the business is owned by Close Brothers
After a period of sustained low interest rates since the financial crash of 2008, the Bank of England and European Central Bank have both raised interest rates to combat high inflation
The trading update was a bit of a mixed bag but the share price rose nonetheless
As per usual, it is a light corporate agenda on Friday with trading statements from Big Yellow and Close Brothers the pick of a small bunch
"Winterflood's year-to-date operating profit is ahead of the level achieved in the whole of the 2020"
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London's leading index lost just 2 points on Friday
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Economists have pencilled in a figure of 4.5% for the growth in UK retail sales in April, which would represent a slowdown in growth from March’s 5.4% increase.
“The impact of Covid-19, the additional restrictions in the UK, Brexit, and the end of the government support schemes on loan book growth and credit performance is still highly uncertain,” the group said
Banking profits fell 61% and in asset management they were down 6% but at market maker Winterflood they rose 140%
Having cancelled its 2020 interim dividend in April, the board pledged to consider the payment of a full year dividend in September
Investments and investor services
Close Brothers said its loan book rose 5.1% and managed assets gained 9% in the year to date
Investments and investor services
FTSE 100 up nearly 16 points at the closing bell, US stocks in the green at midday New York trading
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The day ahead includes trading updates from Big Yellow and Close Brothers
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It looks set to be a busy week of corporate announcements and UK economic data
The financial services firm said its loan book increased by 1.5% in the quarter to £7.5bn, up slightly from the £7.4bn seen at the end of its second quarter, predominantly driven by Commercial and Property loans
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The Footsie closed out at 7,334 - up around five points, while mid-cap index was firmly lower- down 129 points at 19,307
