LONDON (dpa-AFX) - UK merchant banking group Close Brothers Group plc (CBG.L) Friday said it has performed well so far this year and expects to deliver a solid first half performance across its businesses.
In its pre-close trading update ahead of its 2022 half year end, the company said it performed well in the five months to December 31, with good loan book growth at strong margins in Banking and continued growth momentum in Close Brothers Asset Management or CBAM.
In Banking, loan book increased 2.9 percent to 8.69 billion pounds, driven by good new business levels in Asset Finance and Motor Finance and improved utilisation in Invoice Finance, despite continued high repayments in the Property business.
Meanwhile, trading income in Winterflood has moderated since the end of the 2021 financial year.
Common Equity Tier 1 or CET1 ratio was 15.7 percent as of December 31, well above the applicable minimum regulatory requirement.
Adrian Sainsbury, Chief Executive Officer, said, 'We have seen good momentum in our business, as we continue to make the most of opportunities in our core markets. We are navigating the current environment effectively and remain confident that our proven and resilient model, supported by the hard work and expertise of our people, leave us well positioned to protect, grow and sustain our business over the long term.'
Close Brothers will release its half year results on March 15.
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