Close Brothers' loan book boosted by strong property finance quarter
By Alex LynnClose Brothers Group's banking division has reported a 4.1% yearly rise in its loan book following a strong period of growth in property finance
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The loan book stood at £6.7bn as of 30th April 2017, up from £6.2bn at the same time last year.
The announcement follows the group’s acquisition of legal sector finance provider Novitas Loans earlier this month.
“Performance was particularly good in property finance, with good loan book growth and strong profitability,” the group stated in a trading update.
“Retail finance and commercial finance delivered more modest growth, as we continue to focus on maintaining margins and prudent underwriting, which support our long track record of sustainable lending through the cycle.”
Elsewhere, the group’s market maker division Winterflood Securities reported an improved performance in the third quarter (1st February – 30th April 2017).
The asset management division also benefited from strong net inflows as well as positive market movements.
Managed assets increased 7% in the quarter to £8.5bn as of 30th April 2017, while total client assets grew 5% to £10.7bn.
The group remains confident of delivering a good result for the full year.
Keywords: Close Brothers Group, Close Brothers banking, loan book, property finance, retail finance, commercial finance, Winterflood Securities, asset management, managed assets, client assets, specialist lending, specialist finance