The wealth management firm reported financial results for 2015.

Close Brothers, the UK-listed wealth management house, today reported profit attributable to shareholders in 2015 of £88.6 million ($126.3 million), up from £84.1 million a year ago.

Pre-tax operating profit for last year was £108.7 million, up from £106.2 million, the firm said in a statement.

“The banking division has continued to perform well and in line with expectations at this stage in the cycle. Notwithstanding the ongoing increase in competition, we continue to see growth opportunities across our markets and most importantly we are maintaining our consistent approach to lending with strict criteria for credit quality, margins and returns,” the firm’s chairman and chief executive said in its report.

“As a result, margins remain strong, bad debts are at a long-term low, and the return on net loan book remains ahead of the long-term average at 3.7 per cent, allowing us to continue to invest to strengthen and develop our business,” the firm continued.

Close Brothers said its “market-facing businesses have been affected by the market headwinds in the period. Winterflood’s trading income and profits were lower than the first half last year, reflecting difficult market conditions throughout the period.”

The asset management side of the business logged net inflows at 8 per cent of opening managed assets, although total client assets reduced to £9.1 billion. This primarily reflecting the disposal of Close Brothers’ corporate business, which completed in November, as well as the impact of negative market movements, the firm said.