Home Business NewsBusinessBusiness Growth NewsMerchant banking group reports higher first-half profit

Merchant banking group reports higher first-half profit

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13th Mar 18 9:38 am

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British lender, Close Brothers, today reported a 6 per cent rise in first-half adjusted operating profit, driven by strength in its banking division.

The merchant banking group saw its profits before tax increase by 5 per cent to ยฃ138.6 for the six months to January 31. Meanwhile, the companyโ€™s assets under management also increased by 13 per cent to ยฃ11.8bn amid โ€œstrongโ€ net inflows of ยฃ573m.

Preben Prebensen, chief executive of Close Brothers, said: โ€œWe are pleased with our performance and progress in the first half, delivering higher profit while staying true to our client and customer focused model, and maintaining our prudent and disciplined approach.

โ€œAll our businesses have achieved a good performance year to date, and we remain well positioned for the full year. Longer term, we are confident that the consistent application of our business model, along with our strong customer relationships, the expertise of our people and the quality of our service will allow us to continue performing well in all market conditions.โ€

Overall, the group saw its operating income increase by 7 per cent to ยฃ405.5m.

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