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Close Bros ShareCast News (CBG)
ShareCast News for Close Bros (CBG)
| Share Price: 1,085.00 | Bid: 1,085.00 | Ask: 1,087.00 | Change: 8.00 (+0.74%) |  | ||||||
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Close Brothers' banking shines as securities struggle
Thu, 17th May 2012 07:16
Banking, securities and asset management firm Close Bros said it has delivered a solid performance overall as strong growth in the banking division outweighed difficult market conditions at its securities division, particularly in April.
Banking benefited from continued favourable market conditions and good demand for its lending services. The loan book increased 6% in the quarter to £4bn, after it was boosted by new business in motor finance, asset finance and property. Banking in the financial year to date increased 15%.
In contrast its securities division continues to be affected by difficult market conditions, particularly for Winterflood as retail investor risk appetite dwindled towards the end of the period.
Close Brothers said the asset management division is in the final stages of its restructuring and made a small loss as expected.
Total assets under management fell to £8.3bn during the third quarter ended April 30, versus £8.6bn at January 31, following the completion of the previously announced sale of OLIM's property fund management business with £0.4bn AuM.
Private client assets under management was little changed at £7bn from £6.9bn the same time a year earlier.
"The Banking division continues to see good growth opportunities, although difficult trading conditions continue to impact Winterflood's performance. Overall we continue to expect a solid result for the year," the group said.
The group has maintained a strong funding position and remains well capitalised, it added.
CJ
Banking benefited from continued favourable market conditions and good demand for its lending services. The loan book increased 6% in the quarter to £4bn, after it was boosted by new business in motor finance, asset finance and property. Banking in the financial year to date increased 15%.
In contrast its securities division continues to be affected by difficult market conditions, particularly for Winterflood as retail investor risk appetite dwindled towards the end of the period.
Close Brothers said the asset management division is in the final stages of its restructuring and made a small loss as expected.
Total assets under management fell to £8.3bn during the third quarter ended April 30, versus £8.6bn at January 31, following the completion of the previously announced sale of OLIM's property fund management business with £0.4bn AuM.
Private client assets under management was little changed at £7bn from £6.9bn the same time a year earlier.
"The Banking division continues to see good growth opportunities, although difficult trading conditions continue to impact Winterflood's performance. Overall we continue to expect a solid result for the year," the group said.
The group has maintained a strong funding position and remains well capitalised, it added.
CJ
AZ Electronic Materials directors try to minimize damage
A round-up of the biggest director deals today so far.[10 Apr '13]
Wednesday broker round-up UPDATE
Afren: UBS raises target price from 160p to 200p and reiterates a buy recommendation.[13 Mar '13]
Wednesday tips round-up: Imagination, Close Bros., Fresnillo
Most companies do not get penalised for telling markets that one of their new revenues streams is on track to double, at least in volume terms. Yet that is, to a certain extent, what happened yesterday with Imagination Technologies. Then again, most companies“ shares do not trade at 34 times“ forward earnings, The Times“s Tempus chips in.[13 Mar '13]
Strong banking performance drives rise in operating profit at Close Brothers
Adjusted operating profit increased 26 per cent to 79.8m pounds in the six months to January 31st 2013 at specialist financial services group Close Brothers underpinned by strong performance within the Banking division.[12 Mar '13]
Tuesday broker round-up UPDATE
Abcam:Investec shifts target price from 484p to 487p and keeps a buy recommendation.[12 Mar '13]
Thursday broker round-up UPDATE
Aberdeen Asset Management: Bank of America ups target price from 400p to 425p maintaining a neutral rating.[31 Jan '13]
Next non-exec halves stake
A round-up of the biggest director deals today so far.[24 Jan '13]
Thursday broker round-up UPDATE
Ashtead Group: Jefferies raises target price from 450p to 525p and keeps a buy recommendation.[24 Jan '13]
