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Latest growth puts UK banking group Close Brothers ‘in better shape than ever’

UK merchant banking group, Close Brothers has revealed a strong set of financials for the year, spearheaded by a healthy set of profits.

The modern merchant banking company reported an adjusted operating profit up 16% to £224.9m and highlighted continued good performance in its Banking division, with adjusted operating profit 15% higher at £208.7m in particular.

Providing lending, deposit taking, wealth management services and securities trading, the London-headquartered business this morning released its preliminary results for the year ended 31 July 2015.

The firm’s Banking division provides lending to small businesses and individuals, with an emphasis on specialist finance.

The company also noted good progress in Asset Management with total client assets up 11% to £10.8bn.

Preben Prebensen, Chief Executive, commenting on the results said: “We are pleased to report another year of strong performance for Close Brothers with good results across all of our businesses.

“After successive years of exceptional growth the group is in better shape than ever, which means we are well positioned to invest in supporting and extending our tried and tested business model and continue to deliver sustainable growth over the long term.”

Established in 1878, Close Brothers Group plc employs around 2,900 people today, principally in the UK.

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