Close Brothers has reported adjusted operating profit of £233.6m for the year ended 31 July 2016, a rise of 4% compared to £224.9m a year earlier.
Operating income stood at £687.4m, a rise of 2% from £672.8m in the prior year. Adjusted operating expenses increased 2% year-on-year to £415.9m.
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Total assets at the end of 31 July 2016 increased to £8.7bn from 7.9bn a year ago.
The group’s asset management arm has posted yearly adjusted operating profit of £14.4m, a slump of 19% from £17.8m a year earlier. The unit recorded net flows of £508m, taking managed assets to £8bn.
Close Brothers Group CEO Preben Prebensen said: “We are pleased to report a good performance for the 2016 financial year, with further growth in our earnings and dividend against a backdrop of more challenging market conditions.
“We achieved good growth in all our lending businesses, while maintaining the strong returns and prudent underwriting criteria which underpin our long track record of profitability throughout the economic cycle.”
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