Close Brothers reports strong performance in first half

24th Jul 2013 11:00

British specialist financial services group Close Brothers reported a strong performance for the first half of the year, driven by its Banking division.The Banking division saw its loan book increase by 11% to £4.6 bn at the end of June, reflecting growth in motor finance and asset finance.The Securities arm's trading improved slightly, although market conditions continued to be mixed. The Asset Management division made progress, with assets under management (AuM) of £9.0 bn at the end of June, compared to £8.9bn at the end of January, a 2.0% rise. AuM was boosted by new business inflows as well as positive market movements at the start of the period.Revenue margin continued to improve, largely reflecting stronger initial fees."We continue to expect a good overall performance for the year," the group said. "We are seeing good opportunities for further growth in the Banking division and continue to expect profit in the second half to be consistent with the first half." Shares rose 1.04% to 1,067p at 11:24 on Wednesday.RD