Close Brothers Group PLC
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Close Brothers Group PLC
Close Brothers Group Plc operates as a merchant banking group, which provides lending, deposit taking, securities trading and wealth management services. The firm provides lending, deposit taking, wealth management services and securities trading. The firm operates through three segments: Banking, Securities and Asset Management. The Banking segment provides lending to small businesses and individuals, with an emphasis on specialist finance. The company also offers deposit-taking services to the United Kingdom businesses and individuals. Its portfolio of solutions include aviation and marine, broker finance, brewery rentals, asset-based lending, commercial vehicle hire, insurance premium finance, invoice finance, motor finance, property finance, professional services finance, and technology services. The Securities segment provides trading services in the United Kingdom through Winterflood, a market-maker. The Asset Management segment provides a range of financial advice, investment management and online investing services to private clients and professional advisors.
Close Brothers Group Plc operates as a merchant banking group, which provides lending, deposit taking, securities trading and wealth management services. The firm provides lending, deposit taking, wealth management services and securities trading. The firm operates through three segments: Banking, Securities and Asset Management. The Banking segment provides lending to small businesses and individuals, with an emphasis on specialist finance. The company also offers deposit-taking services to the United Kingdom businesses and individuals. Its portfolio of solutions include aviation and marine, broker finance, brewery rentals, asset-based lending, commercial vehicle hire, insurance premium finance, invoice finance, motor finance, property finance, professional services finance, and technology services. The Securities segment provides trading services in the United Kingdom through Winterflood, a market-maker. The Asset Management segment provides a range of financial advice, investment management and online investing services to private clients and professional advisors.
Strong Profit Growth: Adjusted operating profit rose 88% to £271 million, returning to pre-pandemic levels, with robust performance across all divisions.
Loan Book Expansion: Loan book grew 10.9% to £8.4 billion, the fastest growth since 2016, mainly driven by high demand and government loan schemes.
Dividend Recovery: Full-year dividend increased 50% to 60p per share, reflecting confidence in future progression but still below pre-COVID levels.
Net Interest Margin: Net interest margin improved to 7.7%, supported by pricing discipline and reduced cost of funds.
Impairment Charges Down: Impairment charges declined 51% to £90 million, aided by strong underlying credit and reduced COVID-19 provisions.
Strategic Exit: Decision made to exit the Novitas legal lending business due to its risk profile no longer fitting the group’s model.
Strong Capital Position: CET1 capital ratio increased to 15.8%, offering substantial regulatory headroom and supporting future growth.
Outlook: Loan growth expected to moderate below the FY21 pace, with some uncertainty ahead as government support schemes wind down.
