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Close Brothers reported 'solid' quarterly performance as its banking division traded in-line with market conditions, but its market facing businesses continued to experience lower activity levels.
For the period from 1 February to 30 April, the loan book increased by 1.5% to £7.5bn predominantly driven by commercial and property, and was up 3.6% year to date.
In its asset management segment, client activity remained 'subdued', but managed assets increased to £10.9bn quarter-on-quarter, supported by 'positive market movements and continued net inflows,' the company said.
Total client assets increased to £12.5 for the quarter, from £12.0bn a year earlier.
In Winterflood, the group's market-making business, trading volumes remained low, but the division delivered 'solid profitability in the quarter, performing broadly in line with the first half,' the company added.
Looking ahead, the company said it expected to deliver a 'solid' result for the full financial year.
At 8:33am: (LON:CBG) Close Brothers Group PLC share price was -11.5p at 1483.5p