Close Brothers Group PLC Scheduled Trading Update (1035U)
21 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMCBG
RNS Number : 1035U
Close Brothers Group PLC
21 November 2019
Scheduled Trading Update
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Close Brothers Group plc ("the group" or "Close Brothers") today
issues its trading update relating to the first quarter from 1
August 2019 to 31 October 2019 ("the quarter"). All statements in
this release relate to continuing operations in that period unless
otherwise indicated.
Group and divisional performance
The group's performance in the first quarter reflects lower
activity levels across our markets, and we continued to focus on
the disciplined application of our proven and resilient business
model.
In the Banking division, we remain focused on maintaining our
pricing and prudent underwriting in the current market conditions.
The loan book increased 0.9% in the quarter to GBP7.7 billion (31
July 2019: GBP7.6 billion), predominantly driven by Commercial,
while Retail and Property remained broadly flat.
The net interest margin remained broadly stable on the 2019
financial year. The bad debt ratio increased modestly in the first
quarter, relative to historically low levels, but the overall
credit quality remains strong.
We continue to invest in strategic initiatives including our
Motor transformation programme, new deposit platform and planned
transition to the Internal Ratings Based approach to capital.
The Asset Management division achieved strong net inflows, with
managed assets growing to GBP11.9 billion at 31 October 2019 (31
July 2019: GBP11.7 billion) and an increase in total client assets
to GBP13.4 billion (31 July 2019: GBP13.3 billion), in line with
our growth strategy.
Winterflood continued to see subdued investor trading activity
in the first quarter. The division remains focused on maximising
its trading opportunities in all market conditions.
Outlook
While the UK economic outlook remains uncertain, we are well
positioned to continue supporting our customers and clients in a
wide range of market conditions.
Enquiries
Close Brothers Group
Sophie Gillingham plc 020 3857 6574
Close Brothers Group
Camila Sugimura plc 020 3857 6577
Close Brothers Group
Eva Hatfield plc 020 3857 6573
Close Brothers Group
Matt Bullivant plc 020 3857 6576
Andy Donald Maitland 020 7379 5151
About Close Brothers
Close Brothers is a leading UK merchant banking group providing
lending, deposit taking, wealth management services and securities
trading. We employ over 3,000 people, principally in the UK. Close
Brothers Group plc is listed on the London Stock Exchange and is a
member of the FTSE 250.
Cautionary Statement
Certain statements included within this announcement may
constitute "forward-looking statements" in respect of the group's
operations, performance, prospects and/or financial condition.
Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
"anticipates", "aims", "due", "could", "may", "will", "should",
"expects", "believes", "intends", "plans", "potential", "targets",
"goal" or "estimates". By their nature, forward-looking statements
involve a number of risks, uncertainties and assumptions and actual
results or events may differ materially from those expressed or
implied by those statements. Accordingly, no assurance can be given
that any particular expectation will be met and reliance should not
be placed on any forward-looking statement. Additionally,
forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. Except as may be required
by law or regulation, no responsibility or obligation is accepted
to update or revise any forward-looking statement resulting from
new information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast. This
announcement does not constitute or form part of any offer or
invitation to sell, or any solicitation of any offer to subscribe
for or purchase any shares or other securities in the company or
any of its group members, nor does it constitute a recommendation
regarding the shares or other securities of the company or any of
its group members. Past performance cannot be relied upon as a
guide to future performance and persons needing advice should
consult an independent financial adviser or other professional.
Statements in this announcement reflect the knowledge and
information available at the time of its preparation. Liability
arising from anything in this announcement shall be governed by
English law. Nothing in this announcement shall exclude any
liability under applicable laws that cannot be excluded in
accordance with such laws.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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