Close Brothers Group PLC (LSE:CBG) saw continued loan book growth in its banking division in the third quarter of the company’s fiscal year.
The financial services also saw some recovery in trading income at its Winterflood broking arm, although trading conditions remain volatile.
The financial services group said it performed well in the quarter, with the loan book growing by 1.8% to £8.8bn from £8.6bn at the end of January.
The asset management arm achieved year-to-date annualised net inflows of 5%, compared to 8% in the first half of the current financial year, and has a strong pipeline of new business, the group said.
In the quarter, managed assets decreased to £15.4bn from £15.8bn at the end of January, while total client assets decreased to £16.7bn from £17.2bn, reflecting negative market movements.
“We have performed well in the quarter, with continued good momentum across our lending businesses and robust demand in our core markets. We continue to support our customers and clients and maintain our strategic discipline against a backdrop of rising inflation and heightened uncertainty. We are confident that our proven and resilient business model will allow us to continue delivering on our long-term track record of growth and profitability,” said Adrian Sainsbury, the chief executive officer of Close Brothers.
Shares in Close Brothers were up 1.7% at 1,089p in mid-morning trading.