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Close Brothers confident of solid full-year result

Close Brothers confident of solid full-year result

Close Brothers Group PLC (LSE: CBG) said it remains confident of delivering a solid overall result for the 2010 financial year, give the good performance for the financial year to date.

In an interim management statement relating to the third quarter from February 1 2010 to April 30 2010, the financial services company said it delivered a good overall performance in the period and continued to benefit from favourable conditions for many of its businesses.

The Banking division had a continued strong performance in the third quarter.  As at 30 April 30, the loan book had increased to £2.70 billion from £2.58 billion as at January 31 2010 largely due to organic growth in Asset Finance within Commercial, and Motor Finance operations in Retail.  

The Asset Management division had a modest third quarter despite some small non-recurring investment gains on the group's residual private equity portfolio.  Funds under Management grew to £7.60 billion at the end of the third quarter from £7.29 billion at end-January reflecting positive market movements. Investment spend in support of the Private Clients growth initiative continues and will have a negative impact on the division's result this financial year and next, Close Bros said.

The Securities division has had a good overall performance in the third quarter. Although average bargains per day at Winterflood have been slightly higher compared to the first half of the financial year, there has been a decline in the income per bargain.  Close Brothers Seydler's performance has been more muted whilst Mako has benefited from recent market volatility.

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