LONDON (dpa-AFX) - Close Brothers Group plc (CBG.L) issued its scheduled trading update relating to the third quarter of its 2025 financial year. In Banking division, the loan book decreased 0.9% in the quarter and 3.5% year-to-date to 9.7 billion pounds, with lower activity in some of businesses. The company now expects the loan book at the end of the 2025 financial year to be broadly flat on the position at 31 January 2025.
The company noted that it continues to advance its cost management initiatives and are on track to deliver annualized savings of about 25 million pounds by the end of the 2025 financial year. Looking forward, it remains committed to executing further cost savings to drive a step change in operational efficiency and will provide further updates in the months to come.
Winterflood division reported an operating profit in the third quarter of 0.4 million pounds compared to operating profit of 1.7 million pounds last year.
The Group's central functions reported net expenses of 13.9 million pounds in the third quarter, an increase from 11.6 million pounds in the prior year. This rise is primarily due to higher professional fees and expenses incurred as the Group navigates the impact of the Financial Conduct Authority's (FCA) review of motor finance commission arrangements and the ongoing Supreme Court appeals.
The company said it has updated loan book growth expectations to reflect the performance year-to-date and now expect CET1 capital ratio to be above our medium-term target range of 12% to 13% by the end of the financial year. It remains confident in all other guidance outlined at its half year 2025 results.
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