News Column

Brothers confident of good result

May 24, 2014

CLOSE Brothers has said the loan book of its banking division grew to pound(s)5.1bn during the third quarter and that it was confident of delivering a "strong" result for its financial year.

The financial services provider, which lends to small and medium- sized businesses and gives investment management advice, said its loan book was up 10 per cent in the year-to-date.

During the quarter, it saw strong demand from property finance and a seasonal uplift in demand in motor finance. The company's banking business accounted for about 95 per cent of adjusted operating profit in the previous financial year.

Assets under management rose four per cent to pound(s)9.6bn in the quarter ended April 30.

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Source: Herald, The (Scotland)

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