Close Brothers Group PLC Scheduled Trading Update (7807O)
May 22 2018 - 5:43AM
UK Regulatory
TIDMCBG
RNS Number : 7807O
Close Brothers Group PLC
22 May 2018
Scheduled Trading Update
---------------------------
Close Brothers Group plc ("the group" or "Close Brothers") today
issues its trading update relating to the third quarter from 1
February 2018 to 30 April 2018 ("the quarter"). All statements in
this release relate to that period unless otherwise indicated.
Group and divisional performance
The group performed well in the third quarter, notwithstanding
slightly weaker market conditions at the start of the period.
The Banking division achieved solid loan book growth, while
maintaining our disciplined approach to lending. Bad debts remained
low across all businesses and the bad debt ratio was unchanged on
the first half overall. The net interest margin year to date
remained in line with the last financial year, reflecting our
continued pricing discipline.
The loan book grew 2.4% in the quarter, and 4.1% year to date,
to GBP7.2 billion (31 January 2018: GBP7.0 billion). Commercial and
Property both delivered good growth, while the Retail loan book
remained broadly flat.
Winterflood continued to perform well, benefiting from increased
trading activity in April.
Asset Management also delivered a good result, with strong net
inflows more than offsetting negative market movements. Managed
assets increased 2% in the quarter to GBP9.9 billion at 30 April
2018 (31 January 2018: GBP9.7 billion) and total client assets were
broadly stable at GBP11.8 billion (31 January 2018: GBP11.8
billion).
IFRS 9
Our preparation for the transition to IFRS 9 at 1 August 2018 is
progressing well. We will provide initial guidance on the impact in
advance of the financial year end, at the pre-close statement in
July.
Outlook
Following our good performance in the year to date, we remain
well positioned for the full year.
Enquiries
Close Brothers Group
Sophie Gillingham plc 020 7655 3844
Close Brothers Group
Liya Dashkina plc 020 7655 3468
Close Brothers Group
Matt Bullivant plc 020 7655 3698
Andy Donald Maitland 020 7379 5151
About Close Brothers
Close Brothers is a leading UK merchant banking group providing
lending, deposit taking, wealth management services and securities
trading. We employ over 3,200 people, principally in the UK. Close
Brothers Group plc is listed on the London Stock Exchange and is a
member of the FTSE 250.
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END
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