Close Brothers Group PLC

Latest Results (14.08.2024):

Income and Revenue

Close Brothers Group PLC reported an increase in managed assets to £18.5 billion as of the third quarter of 2024, up from £17.7 billion at the end of January 2024. This growth was driven by strong year-to-date annualised net inflows of 9% and positive market movements.

Operating Profit

Winterflood, a division of Close Brothers Group PLC, saw a marginal improvement in trading conditions during the third quarter of 2024, resulting in an operating profit of £1.7 million. This is a significant turnaround from the first half of 2024, where it reported an operating loss of £2.6 million.

Net Expenses

The Group's central functions reported net expenses of £11.6 million in the third quarter of 2024. This is an increase compared to the first half of 2024, which saw net expenses of £21.0 million. The rise in expenses is primarily due to increased professional fees and costs associated with the FCA’s review of historical motor finance commission arrangements.

Balance Sheet

Close Brothers Group PLC maintained a strong balance sheet with a diverse funding base that increased to £13.1 billion by the end of the third quarter of 2024. Customer deposits grew by 6% in the quarter, reaching £8.8 billion, and the liquidity coverage ratio remained substantially above regulatory requirements.

Capital Ratios

The Group's Common Equity Tier 1 (CET1) capital ratio was 12.9% at the end of April 2024, slightly down from 13.0% at the end of January 2024. The Total Capital ratio also saw a slight decrease to 16.6% from 16.9% over the same period, primarily due to growth in the loan book more than offsetting retained profit.