Reports

Pre-Tax Profits Rise At UK's Close Brothers

Tom Burroughes, Group Editor, London, 12 March 2013

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Close Brothers, the UK private bank and investment
firm, announced that adjusted pre-tax profits, after exceptional items, rose to
£77.3 million ($115.18 million) in the six months to the end of January this
year, compared with £66.8 million a year before.

Profit attributable to shareholders was £58.8 million, up
from £50.5 million, Close Brothers said.

The firm said its core tier 1 capital ratio at the end of
January was 12.7 per cent (31 July 2012: 12.8 per cent).

The banking division logged a 26 per cent increase in
adjusted operating profit to £77.7 million (2012: £61.8 million). The asset
management arm of the firm delivered an adjusted operating profit of £1.1
million (2012: loss of £2.6 million), including the benefit of a small profit on
the sale of its residual investment in a private equity fund.  

"The group achieved a good result in the period as banking
delivered another strong performance, securities held up well in the continued
difficult market conditions and asset management made progress and delivered an
improved result.  We have made good
progress on our strategic priorities and look forward with confidence,” Preben
Prebensen, chief executive, said in a statement.

Close Brothers Asset Management has been shortlisted in the WealthBriefing Awards 2013, due to be announced on 2 May, for the category of UK Private Bank, HNW Team. 

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