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Close Brothers Group Reports Strong Q3 Growth in Banking

By: Shreya Gupta

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Updated: [falahcoin_post_modified_date]

Close Brothers Group plc (CBG.L) delivered strong performance in the third quarter of its 2024 financial year, fueled by loan book growth, strong margins, and resilient credit quality in Banking. The company reported a 1.5% increase in the loan book for the quarter, reaching £10.0 billion, with notable growth in the Property, UK Motor Finance, and Invoice Finance sectors. Close Brothers Asset Management (CBAM) showcased a robust year-to-date annualised net inflows of 9%, attracting new client assets and maintaining steady growth. Despite challenges, Winterflood’s trading conditions improved slightly, resulting in an operating profit of £1.7 million. CEO Adrian Sainsbury expressed optimism, highlighting ongoing customer demand strength and a focus on providing excellent service.

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Shreya Gupta
Shreya Gupta
Shreya Gupta is an insightful author at The Reportify who dives into the realm of business. With a keen understanding of industry trends, market developments, and entrepreneurship, Shreya brings you the latest news and analysis in the Business She can be reached at shreya@thereportify.com for any inquiries or further information.

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