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Close Brothers H1 profit rises on increased lending activity, fund inflows
StockMarketWire.com
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Merchant banking group Close Brothers reported a fall in first-half profit as higher lending activity and 'solid' inflows in asset management income boosted performance.
For the half year ended 31 January, pre-tax profit was £127 million, down form £124.1 million year-on-year, while operating income rose to £474 million from £420 million.
'The group's financial performance reflected high new business volumes in the lending business, solid net inflows in asset management and a very strong trading performance in Winterflood, with income growth in all three divisions,' the company said.
The company declared an 18.0 pence interim dividend.
'Overall, the group is navigating this unprecedented environment well and our model is performing as we would expect at this stage of the cycle,' the company said.
At 8:36am: (LON:CBG) Close Brothers Group PLC share price was 0p at 1322p
Story provided by StockMarketWire.com
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