Retail, commercial and property finance all delivered higher profits for Close Brothers (CBG) in the six months to January, and while the financial services group maintained a strict approach to new lending, the loan book still rose by 1.7 per cent.
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In the core banking division, adjusted operating profits rose by 13 per cent to £122.7m, boosted by a fall in bad debt after provision releases in property finance. Net interest margins were slightly lower at 8.2 per cent, while adjusted operating expanses grew by 8 per cent to £134m, mainly as a result of investment in further growth.