Banking drives profits higher at Close Brothers

22nd Sep 2015 07:45

(ShareCast News) - Merchant banking group Close Brothers said full-year operating profit before tax rose to £219.9m from £188.8m.Attributable profit increased to £185.7m from £149.8m last time. Profit from continuing operations was up to £174.5m from £145.6mThe group said it remains well positioned to continue to deliver good results. It sees continued opportunities for growth in the Banking division, whilst maintaining its prudent risk profile and focus on returns. In Asset Management, it expects to see continued net inflows and increasing profitability.Chief executive Preben Prebensen said after successive years of "exceptional growth the group is in better shape than ever, which means we are well positioned to invest in supporting and extending our tried and tested business model and continue to deliver sustainable growth over the long term."The dividend rose for the fifth year in a row, with the final payout up 9% to 35.5p, making a total of 53.5p.Prebensen said the the performance was driven by its banking division and steady growth in asset management.The banking division achieved strong profit growth, benefiting from the high quality loan book growth in recent years and lower impairments. Winterflood experienced difficult market conditions in the first half but continued to trade profitably and has delivered a solid result for the full year," he said."Asset management is continuing to see good demand for its high quality advice and wealth management services, supporting growth in client assets and improving profitability."