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Close Bros. expects to report solid full-year results having delivered a solid third quarter performance

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
Loaning money
Close Brothers pointed out that its bad debt ratio has remained low with continued strong credit performance across the business

Close Brothers Group PLC (LON:CBG) said it expects to report a solid full-year results having delivered a solid performance in the third quarter. 

In a trading update for the period ended 30 April 2019, the group said its Banking division has performed as expected in current market conditions, while its market facing businesses continued to experience lower activity levels.

READ: Close Brothers exits point of sale loan space

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 which are up 3.6% in the year to date.

The group pointed out that its bad debt ratio has remained low with continued strong credit performance across the business, and the net interest margin year to date has remained broadly in line with the 2018 financial year.

In Asset Management, Close Bros. said client activity remained subdued in the third quarter, although managed assets increased to £10.9bn as at 30 April 2019 (31 January 2019: £10.3 billion), supported by positive market movements and continued net inflows.

It noted that total client assets increased to £12.5bn in the period, up from £12bn as at 31 January.

The firm said, although trading volumes remained low, its stockbroking arm Winterflood delivered solid profitability in the quarter, performing broadly in line with the first half.

In early morning trading, Close Bros. shares were 0.3% lower at 1,490p.

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