Close Bros' performance steady despite challenging market conditions

23rd Jan 2015 07:10

Banking group Close Brothers said its banking and asset management divisions performed well in the five months to 31 December, but its securities business struggled.The banking division's loan book grew steadily in the period, growing 4% to £5.5bn, while the number of assets under management rose 2% to £9.9bn.The firm added that Winterflood's performance in the securities division was affected by difficult market conditions, which are forecast to continue in the short-term future, though the FTSE 250 group said the outlook remained positive."In banking we expect to deliver continued loan book growth while remaining focused on the quality of our lending," the firm said in a statement on Friday."Market conditions for Winterflood continue to be challenging but the business remains well positioned and we continue to see opportunities for growth in asset management."Overall, we remain confident in the outlook for the current financial year."