LONDON (dpa-AFX) - Close Brothers Group plc (CBG.L), a merchant banking company, on Tuesday reported lower profit before tax for fiscal 2023, despite growth in interest income.
For the full year, operating profit before tax decreased to 112 million pounds from 232.8 million pounds last year, driven by higher impairment charges in relation to Novitas.
After tax, earnings attributable to equity holders fell to 81.1 million pounds or 54.2 pence per share from 165.2 million pounds or 109.9 pence per share of the previous year.
Adjusted basic earnings per share were 55.1 pence per share, compared to 111.5 pence per share a year ago.
However, interest income grew to 897.5 million pounds from 690 million pounds last year.
Net interest income climbed to 592.6 million pounds from 578 million pounds in the prior year.
Additionally, Close Brothers proposed a final dividend of 45 pence per share, bringing the total to 67.5 pence, higher than last year's 66 pence. The dividend is payable on November 24, to shareholders of record on October 20.
Looking ahead, the company said, 'We have seen a good start to the 2024 financial year and our underlying business is well positioned to maintain stable returns this year, as we sustain growth momentum and pricing discipline, with a resilient credit performance, despite the near-term cost pressure.'
On Monday, shares of Close Brothers closed at 852.50 pence, up 0.41% on the London Stock Exchange.
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