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British lender Close Brothers full-year profit rises 13 percent

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British lender Close Brothers full-year profit rises 13 percent

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(Reuters) – British lender Close Brothers Group <CBRO.L> reported a 13 percent rise in full-year adjusted operating profit, driven by strength in its banking, asset management and market making divisions. The merchant banking group, which provides loans and wealth management and securities trading services, said adjusted operating profit rose to 264.8 million pounds for the year ended July 31, from 233.6 million pounds a year earlier. “Although current market conditions remain stable overall, the longer-term economic outlook and impact of Brexit on our customers and wider markets remain uncertain,” Close Brothers said in a statement. The company said adjusted operating profit at its banking division rose 9 percent to 243.5 million pounds, with a 7.8 percent rise in loan book to 6.9 billion pounds. Operating profit at market maker Winterflood jumped 47.9 percent to 28.1 million pounds, helped by high levels of retail trading activity throughout the year, the lender said. Adjusted operating profit at Close Brothers’ asset management arm rose 21 percent to 17.4 million pounds.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)
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