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Close Brothers lending, assets grow amid strong loan demand, trading performance
StockMarketWire.com
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Banking group Close Brothers reported growth in its banking and asset management businesses thanks to 'strong' loan demand and trading performance.
In banking, the loan book increased 6.5% to £8.1 billion from £7.6 billion reported 31 July 2020.
The asset Management division generated annualised net inflows of 5.4%, with managed assets rising to £13.9 billion from £12.6 billion and total client assets increasing to £15.0 billion from £13.7 billion, primarily reflecting favourable market movements, the company said.
Its capital position remained strong, with a common equity tier 1 capital ratio rising to 14.8% from 14.1%, significantly above the applicable minimum regulatory requirement,
Close Brothers will release its half year results for the six months ending 31 January 2021 on 16 March 2021.
'The impact of further lockdown restrictions across the UK, Brexit and the end of the government support schemes on loan book growth and credit performance in the coming months remains highly uncertain,' the company said.
Story provided by StockMarketWire.com
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