FTSE 250-listed specialist financial services group Close Brothers Group has unveiled strong results for the third quarter relating to the period from February 1st to April 30th, underpinned by growth in the loan book and assets under management.
The loan book increased 2.0% to £4.5bn, driven by growth in motor finance and the Commercial businesses. Close Brothers reported that growth remained "solid but slightly lower than last year" due to a moderation in demand in some of its markets.
The group added that the bad debt ratio was in line with the first half, at the lower end of its longer-term range, reflecting continued strong credit performance across the loan book and the net interest margin was described as remaining broadly stable.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In the asset management division, assets under management increased 4.0% to £9.2bn. The group said this reflected positive market movements and positive net flows.
Going forwards, the group was said it remained well placed for the rest of the financial year.
Close Brothers' share price was up 0.83% to 1,099p at 08:09 on Friday.
MF
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
