Close Brothers Group has said it is confident
of a sturdy performance for the year to 31 July, following “good
organic growth” in its asset and motor finance arms.
The parent company of Close Asset Finance and
Close Motor Finance said that loans saw “better-than-expected”
growth and its bad debt ratio also improved.
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However, Close reportedly warned bad debts are
still sensitive to economic conditions, and added its loan book
totalled £2.9 billion (€3.5 billion) at 30 June, up from £2.6
billion at the end of January.
In the five months to 30 June, the asset
management arm’s underlying results were subdued in comparison to
the first half, Close said, although there were investment gains in
the third and fourth quarters.
Claire Hack
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