Close Brothers Group PLC Scheduled Trading Update (7648Z)
May 22 2019 - 1:00AM
UK Regulatory
TIDMCBG
RNS Number : 7648Z
Close Brothers Group PLC
22 May 2019
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 2019 to 30 April 2019 ("the quarter"). All statements in
this release relate to that period unless otherwise indicated.
Group and divisional performance
The group delivered a solid performance in the period. The
Banking division has performed as expected in current market
conditions, while our market facing businesses continued to
experience lower activity levels.
In Banking, we remain focused on maintaining our margins and our
prudent underwriting, and continuing to invest in our businesses
for the long-term.
The loan book increased by 1.5% in the quarter to GBP7.5 billion
(31 January 2019: GBP7.4 billion), predominantly driven by
Commercial and Property, and is up 3.6% year to date.
The 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, we continue to invest in people and
technology to support our long-term growth. Although client
activity remained subdued in the period, managed assets increased
to GBP10.9 billion at 30 April 2019 (31 January 2019: GBP10.3
billion), supported by positive market movements and continued net
inflows. Total client assets increased to GBP12.5 billion (31
January 2019: GBP12.0 billion).
Winterflood continues to focus on maximising its trading
opportunities in all market conditions. Although trading volumes
remained low, the division delivered solid profitability in the
quarter, performing broadly in line with the first half.
Outlook
We expect a solid result for the full financial year.
Enquiries
Sophie Gillingham Close Brothers Group plc 020 3857 6574
Camila Sugimura Close Brothers Group plc 020 3857 6577
Eva Hatfield Close Brothers Group plc 020 3857 6573
Matt Bullivant Close Brothers Group plc 020 3857 6576
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 3,000 people, principally in the UK. Close
Brothers Group plc is listed on the London Stock Exchange and is a
member of the FTSE 250.
Cautionary Statement
Certain statements included within this announcement may
constitute "forward-looking statements" in respect of the group's
operations, performance, prospects and/or financial condition.
Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
"anticipates", "aims", "due", "could", "may", "will", "should",
"expects", "believes", "intends", "plans", "potential", "targets",
"goal" or "estimates". By their nature, forward-looking statements
involve a number of risks, uncertainties and assumptions and actual
results or events may differ materially from those expressed or
implied by those statements. Accordingly, no assurance can be given
that any particular expectation will be met and reliance should not
be placed on any forward-looking statement. Additionally,
forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. Except as may be required
by law or regulation, no responsibility or obligation is accepted
to update or revise any forward-looking statement resulting from
new information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast. This
announcement does not constitute or form part of any offer or
invitation to sell, or any solicitation of any offer to subscribe
for or purchase any shares or other securities in the company or
any of its group members, nor does it constitute a recommendation
regarding the shares or other securities of the company or any of
its group members. Past performance cannot be relied upon as a
guide to future performance and persons needing advice should
consult an independent financial adviser or other professional.
Statements in this announcement reflect the knowledge and
information available at the time of its preparation. Liability
arising from anything in this announcement shall be governed by
English law. Nothing in this announcement shall exclude any
liability under applicable laws that cannot be excluded in
accordance with such laws.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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