Close Brothers has registered an adjusted operating profit of £111.2m for the six months to 31 January 2016, a rise of 2% compared to £108.6m a year ago.
Total revenues at the group rose 3% to £341.0m from £330.4m a year ago with both higher net interest and fee income in the banking division and further growth in investment management income in asset management.
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The group’s total assets were unchanged at £8.0bn compared to the year ago period.
The firm’s asset management arm has reported adjusted operating profit of £8.4m for the six months ended 31 January 2016, up 65% compared to £5.1m a year ago.
The group said the unit’s operating income increased 9% to £47m from £43.3m a year ago driven predominantly by good growth in investment management income.
The division’s adjusted operating expenses grew only 1% to £38.6m, from £38.2m a year ago reflecting the operating leverage within the business.
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By GlobalDataThe unit has posted total client assets of £9.1bn compared to £10.2bn as of 31 January 2015 principally reflecting the disposal of £1.3bn corporate assets which completed in the period and the effect of negative market movements.
Net inflows at the unit increased year on year to £310m or 8% of opening managed assets annualised, helped by lower outflows.
The company’s board has declared an interim dividend of 19.0p, up 6% year on year, reflecting our commitment to progressive and sustainable dividends.
