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BRIEF-Close Brothers Group posts FY adjusted operating profit of 264.8 mln pounds
September 26, 2017 / 6:40 AM / in 23 days

BRIEF-Close Brothers Group posts FY adjusted operating profit of 264.8 mln pounds

Sept 26 (Reuters) - CLOSE BROTHERS GROUP PLC:

* FY ADJUSTED OPERATING PROFIT ROSE 9 PERCENT TO 243.5 MILLION STG FOR BANKING

* FINAL DIVIDEND 40 PENCEPER SHARE

* TOTAL DIVIDEND UP 5 PERCENT TO 60 PENCEPER SHARE

* ‍BANKING DELIVERED ADJUSTED OPERATING PROFIT OF £243.5 MILLION, UP 9% ON PRIOR YEAR, WITH STABLE NET INTEREST MARGIN AND CONTINUED LOW IMPAIRMENTS​

* FY ADJUSTED OPERATING PROFIT 264.8 MILLION STG VERSUS 234 MILLION STG YEAR AGO

* LOAN BOOK AT 31 JULY 6.9 BILLION STG VERSUS 6.4 BILLION STG A YEAR EARLIER

* ‍INCREASE IN BANKING PROFIT WAS DRIVEN BY PROPERTY FINANCE, WITH FY OPERATING PROFIT GROWTH OF 24%​

* FY COMMON EQUITY TIER 1 RATIO 12.6 PERCENT VERSUS 13.5 PERCENT A YEAR EARLIER

* FY ‍ADJUSTED OPERATING PROFIT IN COMMERCIAL FINANCE WAS UP 4%, WHILE RETAIL FINANCE WAS BROADLY FLAT​

* ‍WINTERFLOOD REPORTED OPERATING PROFIT OF £28.1 MILLION, ALMOST 50% HIGHER THAN PRIOR YEAR, REFLECTING STRONG RETAIL INVESTOR TRADING ACTIVITY​

* ‍ASSET MANAGEMENT CONTINUED TO MAKE GOOD PROGRESS WITH ADJUSTED OPERATING PROFIT OF £17.4 MILLION AND GOOD NET INFLOWS, AT 9% OF OPENING MANAGED ASSETS​

* ‍UK ECONOMY REMAINED RELATIVELY STABLE THROUGHOUT YEAR​

* ‍INTEREST RATES REMAINED LOW, SUPPORTING CONTINUED LOW IMPAIRMENTS, AND SUPPLY OF CREDIT REMAINS ABUNDANT​

* ‍LONGER-TERM ECONOMIC OUTLOOK AND IMPACT OF BREXIT ON OUR CUSTOMERS AND WIDER MARKETS REMAIN UNCERTAIN​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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