Close Brothers has registered an adjusted operating profit of £108.6m for the six months to 31 January 2015, a rise of 16% compared to £94m a year earlier.
The firm’s asset management arm has continued steady progress with an adjusted operating profit of £5.1m, and a 5% increase in assets under management (AuM) to £10.2bn.
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The firm has also continued strong performance in its banking unit, which recorded a 19% rise in adjusted operating profit at £106.4m. This is driven by a 3.2% loan book growth year to date to £5.5bn and an improved bad debt ratio of 0.7%.
However, its securities arm Winterflood posted a 23% decrease in adjusted operating profit to £10.3m, owing to difficult market conditions. This includes £3.4m net profit due to an investment gain.
Chief executive Preben Prebensen commented, "We achieved another good result in the first half, building on our long track record of performance. We continued to achieve strong returns in the banking division and asset management has made steady progress, although performance in securities was affected by difficult trading conditions."
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