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Commercial Property News
Close Brothers H1 profits up by 50% - confident of meeting FY expectations
Close Brothers Group Plc, the specialist financial group, reported a strong start to 2010 in it's H1 results today reflecting the period up to 31st January 2010. pre-tax operating profit was £62.3 million, up from £41.5 million for the same period last year. The group is confident it will meet expectations for the full year.
Preben Prebensen, Chief Executive, commenting on the results said:
"Close Brothers Group has delivered a good first half performance with a strong result in the Banking division which took advantage of favourable conditions for its businesses. There was continued good performance in Securities, particularly from Winterflood. Going forward, we remain well resourced for future growth opportunities."
The group funds its operations from a variety of sources including equity, public and private debt markets and corporate and retail deposits, and at 31 January 2010 it had £5.4 billion of total funding. It's Core Tier One Capital is an impressive 14.5%.
The Banking division has seen increased demand for its largely secured specialist lending services in the prevailing tight credit environment, which has resulted in 9% loan book growth to £2.6 billion (31 July 2009: £2.4 billion) as well as a strong net interest margin of 9.7% (2009: 9.0%). Performance has been particularly strong in Retail, which includes the group's premium and motor finance operations, and in Commercial's asset finance business. The Property loan book increased 2% to £498.1 million (31 July 2009: £487.2 million) reflecting the continued good demand from residential property developers, particularly in shorter-term bridging loans.
Preben Prebensen, Chief Executive, commenting on the results said:
"Close Brothers Group has delivered a good first half performance with a strong result in the Banking division which took advantage of favourable conditions for its businesses. There was continued good performance in Securities, particularly from Winterflood. Going forward, we remain well resourced for future growth opportunities."
The group funds its operations from a variety of sources including equity, public and private debt markets and corporate and retail deposits, and at 31 January 2010 it had £5.4 billion of total funding. It's Core Tier One Capital is an impressive 14.5%.
The Banking division has seen increased demand for its largely secured specialist lending services in the prevailing tight credit environment, which has resulted in 9% loan book growth to £2.6 billion (31 July 2009: £2.4 billion) as well as a strong net interest margin of 9.7% (2009: 9.0%). Performance has been particularly strong in Retail, which includes the group's premium and motor finance operations, and in Commercial's asset finance business. The Property loan book increased 2% to £498.1 million (31 July 2009: £487.2 million) reflecting the continued good demand from residential property developers, particularly in shorter-term bridging loans.
Tue, 16th Mar 2010